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<br />The aggregate of the moneys to be deposited with the Bond <br />Registrar for payment of principal of and interest on the Bonds on each <br />Mandatory Redemption Date shall include an amount sufficient to <br />redeem on that Date the principal amount of Term Bonds payable on that <br />Date pursuant to Mandatory Sinking Fund Redemption Requirements <br />(less the amount of any credit as hereinafter provided). <br />The City shall have the option to deliver to the Bond Registrar for <br />cancellation Term Bonds in any aggregate principal amount and to <br />receive a credit against the then current or any subsequent Mandatory <br />Sinking Fund Redemption Requirement (and corresponding mandatory <br />redemption obligation) of the City, as specified by the Director of <br />Finance, for Term Bonds stated to mature on the same Principal <br />Payment Date as the Term Bonds so delivered. That option shall be <br />exercised by the City on or before the forty-fifth day preceding any <br />Mandatory Redemption Date with respect to which the Ciry wishes to <br />obtain a credit, by furnishing the Bond Registrar a certificate, signed by <br />the Director of Finance, setting forth the extent of the credit to be <br />applied with respect to the then current or any subsequent Mandatory <br />Sinking Fund Redemption Requirement for Term Bonds stated to mature <br />on the same Principal Payment Date. If the certificate is not timely <br />furnished to the Bond Registrar, the cunent Mandatory Sinking Fund <br />Redemption Requirement (and corresponding mandatory redemption <br />obligation) shall not be reduced. A credit against the then current or any <br />subsequent Mandatory Sinking Fund Redemption Requirement (and <br />conesponding mandatory redemption obligation), as specified by the <br />Director of Finance, also shall be received by the City for any Term <br />Bonds which prior thereto have been redeemed (other than through the <br />operation of the applicable Mandatory Sinking Fund Redemption <br />Requirements) or purchased for cancellation and canceled by the Bond <br />Registrar, to the extent not applied theretofore as a credit against any <br />Mandatory Sinking Fund Redemption Requirement, for Term Bonds <br />stated to mature on the same Principal Payment Date as the Term Bonds <br />so redeemed or purchased and canceled. <br />Each Term Bond so delivered, or previously redeemed, or <br />purchased and canceled, shall be credited by the Bond Registrar at 100 % <br />of the principal amount thereof against the then current or subsequent <br />Mandatory Sinking Fund Redemption Requirements (and corresponding <br />mandatory redemption obligations), as specified by the Director of <br />Finance, for Term Bonds stated to mature on the same Principal <br />Payment Date as the Term Bonds so delivered, redeemed or purchased <br />and canceled. <br />(ii) Optional Redemption. The Current Interest Bonds maturing <br />on or after December 1, 2007 shall be subject to redemption, by and at <br />the sole option of the City, on or after December 1, 2006, either in <br />whole at any time or in part on any Interest Payment Date, in integral <br />multiples of $5,000, at the followmg redemption prices (expressed as <br />percentages of the principal amount redeemed), plus accrued interest to <br />the redemption date: <br />-7- <br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE NM_POL STAT_$205.