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Redemption Date shall include an amount sufficient to redeem on that Date <br /> the principal amount of Term Bonds payable on that Date pursuant to <br /> Mandatory Sinking Fund Redemption Requirements (less the amount of <br /> 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 receive <br /> a credit against the then current or any subsequent Mandatory Sinking <br /> Fund Redemption Requirement (and corresponding mandatory redemption <br /> obligation) of the City, as specified by the Director of Finance, for Term <br /> Bonds stated to mature on the same Principal Payment Date and bear <br /> interest at the same rate as the Term Bonds so delivered. That option shall <br /> be exercised by the City on or before the 45th day preceding any <br /> Mandatory Redemption Date with respect to which the City wishes to <br /> obtain a credit, by furnishing the Bond Registrar a certificate, signed by the <br /> Director of Finance, setting forth the extent of the credit to be applied with <br /> respect to the then current or any subsequent Mandatory Sinking Fund <br /> Redemption Requirement for Term Bonds stated to mature on the same <br /> Principal Payment Date and to bear interest at the same rate as the Term <br /> Bonds so delivered. If the certificate is not timely furnished to the Bond <br /> Registrar, the current Mandatory Sinking Fund Redemption Requirement <br /> (and corresponding mandatory redemption obligation) shall not be reduced. <br /> A credit against the then current or any subsequent Mandatory Sinking <br /> Fund Redemption Requirement (and corresponding mandatory redemption <br /> obligation), as specified by the Director of Finance, also shall be received <br /> by the City for any Term Bonds which prior thereto have been redeemed <br /> (other than through the operation of the applicable Mandatory Sinking <br /> Fund Redemption Requirements) or purchased for cancellation and <br /> canceled by the Bond Registrar, to the extent not applied theretofore as a <br /> credit against any Mandatory Sinking Fund Redemption Requirement, for <br /> Term Bonds stated to mature on the same Principal Payment Date and bear <br /> interest at the same rate as the Term Bonds so redeemed, purchased and <br /> canceled. <br /> Each Term Bond so delivered, or previously redeemed, or purchased <br /> and canceled, shall be credited by the Bond Registrar at 100% of the <br /> principal amount thereof against the then current or subsequent Mandatory <br /> Sinking Fund Redemption Requirements (and corresponding mandatory <br /> redemption obligations), as specified by the Director of Finance, for Term <br /> Bonds stated to mature on the same Principal Payment Date and bear <br /> interest at the same rate as the Term Bonds so delivered, redeemed or <br /> purchased and canceled. <br /> (ii) Optional Redemption. The Current Interest Bonds maturing on <br /> December 1, 2025 shall be subject to redemption, by and at the sole option <br /> of the City, either in whole or in part(in whole multiples of$5,000), on any <br /> - 8 - <br />