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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 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 or 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 />or after December 1, 2027 shall be subject to redemption, by and at the sole <br />option of the City, either in whole or in part (in whole multiples of $5,000), <br />on any date on or after December 1, 2026, at a redemption price of 100% <br />of the principal amount to be redeemed, plus accrued interest to the <br />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 />-8- <br />