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? ? w4 <br />AON. <br />? <br />Redemption <br />Redemption Dates Price <br />December 1, 2006 through November 30, 2007 102 % <br />December 1, 2007 through November 30, 2008 101 <br />December l, 2008 and thereafter ipp <br />If optional redemption of Term Bonds at a redemption price <br />exceeding 100 % of the principal amount to be redeemed is to take <br />place as of any Mandatory Redemption Date applicable to those <br />Term Bonds, the Term Bonds, or portions thereof, to be redeemed <br />optionally shall be selected by lot prior to the selection by lot of <br />the Term Bonds of the same maturity to be redeemed on the same <br />date by operation of the Mandatory Sinking Fund Redemption <br />Requirements. Bonds to be redeemed pursuant to this paragraph <br />shall be redeemed only upon written notice from the Director of <br />Finance to the Bond Registrar, given upon the direction of this <br />Council by adoption of a resolution or passage of an ordinance. <br />That notice shall specify the redemption date and the principal <br />amount of each maturity of Bonds to be redeemed, and shall be <br />given at least 45 days prior to the redemption date or such shorter <br />period as shall be acceptable to the Bond Registrar. <br />(iii) Partial Redemption. If fewer than all of the outstanding <br />Bonds are called for optional redemption at one time and Bonds of <br />more than one maturity are then outstanding, the Bonds that are <br />called shall be Bonds of the maturity or maturities selected by the <br />City. If fewer than all of the Bonds of a single maturity are to be <br />redeemed, the selection of Bonds of that maturity to be redeemed, <br />or portions thereof in amounts of $5,000 or any integral multiple <br />thereof, shall be made by the Bond Registrar by lot in a manner <br />determined by the Bond Registrar. In the case of a partial <br />redemption of Bonds by lot when Bonds of denominations greater <br />than $5,000 are then outstanding, each $5,000 unit of principal <br />thereof shall be treated as if it were a separate Bond of the <br />denomination of $5,000. If it is determined that one or more, but <br />not all, of the $5,000 units of principal amount represented by a <br />Bond are to be called for redemption, then, upon notice of <br />redemption of a$5,000 unit or units, the registered owner of that <br />Bond shall surrender the Bond to the Bond Registrar (i) for <br />payment of the redemption price of the $5,000 unit or units of <br />principal amount called for redemption (including, without <br />limitation, the interest accrued to the date fixed for redemption and <br />any premium), and (ii) for issuance, without charge to the <br />registered owner, of a new Bond or Bonds of any Authorized <br />Denomination or Denominations in an aggregate principal amount <br />equal to the unmatured and unredeemed portion of, and bearing <br />interest at the same rate and maturing on the same date as, the <br />Bond surrendered. <br />(iv) Notice of Redemption. The notice of the call for <br />redemption of Bonds shall identify (A) by designation, letters, <br />numbers or other distinguishing marks, the Bonds or portions <br />-8- <br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE_NM_POL STAT_$205.