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(ii) Optional Redemption. The Current Interest Bonds maturing on or after
<br />December 1, 2027 shall be subject to redemption, by and at the sole option of the City, either in whole
<br />or in part (in whole multiples of $5,000), on any date on or after December 1, 2026, at a redemption
<br />price of 100% of the principal amount to be redeemed, plus accrued interest to the redemption date.
<br />Bonds to be redeemed pursuant to this paragraph shall be redeemed only upon
<br />written notice from the Director of Finance to the Bond Registrar, given upon the direction of this
<br />Council by passage of an 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 to be redeemed, and shall
<br />be given at least 45 days prior to the redemption date or such shorter period as shall be acceptable to
<br />the Bond Registrar.
<br />(iii) Partial Redemption. If fewer than all of the outstanding Bonds are called for
<br />optional redemption at one time and Bonds of more than one maturity (or interest rate within a
<br />maturity) are then outstanding, the Bonds that are called shall be Bonds of the maturity or maturities
<br />and interest rate or rates within a maturity selected by the City. If fewer than all of the Bonds of a
<br />single maturity or interest rate within a maturity are to be redeemed, the selection of Bonds of that
<br />maturity or interest rate within a maturity to be redeemed, or portions thereof in amounts of $5,000 or
<br />any whole multiple thereof, shall be made by the Bond Registrar by lot in a manner determined by the
<br />Bond Registrar. In the case of a partial redemption of Bonds by lot when Bonds of denominations
<br />greater than $5,000 are then outstanding, each $5,000 unit of principal thereof shall be treated as if it
<br />were a separate Bond of the denomination of $5,000. If it is determined that one or more, but not all,
<br />of the $5,000 units of principal amount represented by a Bond are to be called for redemption, then,
<br />upon notice of redemption of a $5,000 unit or units, the registered owner of that Bond shall surrender
<br />the Bond to the Bond Registrar (A) for payment of the redemption price of the $5,000 unit or units of
<br />principal amount called for redemption (including, without limitation, the interest accrued to the date
<br />fixed for redemption), and (B) for issuance, without charge to the registered owner, of a new Bond or
<br />Bonds of any Authorized Denomination or Denominations in an aggregate principal amount equal to
<br />the unmatured and unredeemed portion of, and bearing interest at the same rate and maturing on the
<br />same date as, the Bond surrendered.
<br />(iv) Notice of Redemption. The notice of the call for redemption of Bonds shall
<br />identify (A) by designation, letters, numbers or other distinguishing marks, the Bonds or portions
<br />thereof to be redeemed, (B) the redemption price to be paid, (C) the date fixed for redemption, and (D)
<br />the place or places where the amounts due upon redemption are payable. The notice shall be given by
<br />the Bond Registrar on behalf of the City by mailing a copy of the redemption notice by first class mail,
<br />postage prepaid, at least 30 days prior to the date fixed for redemption, to the registered owner of each
<br />Bond subject to redemption in whole or in part at the registered owner's address shown on the Bond
<br />Register maintained by the Bond Registrar at the close of business on the fifteenth day preceding that
<br />mailing. Failure to receive notice by mail or any defect in that notice regarding any Bond, however,
<br />shall not affect the validity of the proceedings for the redemption of any Bond.
<br />(v) Payment of Redeemed Bonds. In the event that notice of redemption shall
<br />have been given by the Bond Registrar to the registered owners as provided above, there shall be
<br />deposited with the Bond Registrar on or prior to the redemption date, moneys that, in addition to any
<br />other moneys available therefor and held by the Bond Registrar, will be sufficient to redeem at the
<br />redemption price thereof, plus accrued interest to the redemption date, all of the redeemable Bonds
<br />for which notice of redemption has been given. Notice having been mailed in the manner provided in
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