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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 /> date on or after December 1, 2024, at a redemption price of 100% of the <br /> principal amount redeemed,plus accrued interest to the redemption date. <br /> Bonds to be redeemed pursuant to this paragraph shall be redeemed <br /> only upon written notice from the Director of Finance to the Bond <br /> Registrar, given upon the direction of this Council by passage of an <br /> ordinance. That notice shall specify the redemption date and the principal <br /> amount of each maturity, and each interest rate within a maturity, of Bonds <br /> to be redeemed, and shall be given at least 45 days prior to the redemption <br /> date or such shorter period as shall be acceptable to the Bond Registrar. <br /> (iii) Partial Redemption. If fewer than all of the outstanding Bonds <br /> are called for optional redemption at one time and Bonds of more than one <br /> maturity or interest rate within a maturity are then outstanding, the Bonds <br /> that are called shall be Bonds of the maturity or maturities and interest rate <br /> or rates within a maturity selected by the City. If fewer than all of the <br /> Bonds of a single maturity or interest rate within a maturity are to be <br /> redeemed, the selection of Bonds of that maturity or interest rate within a <br /> maturity to be redeemed, or portions thereof in amounts of$5,000 or any <br /> whole multiple thereof, shall be made by the Bond Registrar by lot in a <br /> manner determined by the Bond Registrar. In the case of a partial <br /> redemption of Bonds by lot when Bonds of denominations greater than <br /> $5,000 are then outstanding, each $5,000 unit of principal thereof shall be <br /> treated as if it were a separate Bond of the denomination of$5,000. If it is <br /> determined that one or more, but not all, of the $5,000 units of principal <br /> amount represented by a Bond are to be called for redemption, then, upon <br /> notice of redemption of a $5,000 unit or units, the registered owner of that <br /> - 9 - <br />