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or, if less than such amount is then outstanding, an amount equal to the aggregate principal <br /> amount of the Bonds then outstanding. <br /> The City may, at its option to be exercised on or before the thirtieth day next preceding <br /> any date specified in the Mandatory Redemption Schedule above, deliver to the Bond Registrar <br /> written notice,which shall (i) specify a principal amount of such Term Bonds previously <br /> redeemed (otherwise than pursuant to the above Mandatory Redemption Schedule)or purchased <br /> and cancelled by the Bond Registrar and not theretofore applied as a credit against any <br /> redemption of Bonds pursuant to the above Mandatory Redemption Schedule, and(ii) instruct <br /> the Bond Registrar to apply the principal amount of such Term Bonds so delivered or previously <br /> redeemed or purchased and cancelled for credit against the principal installments to be prepaid <br /> pursuant to the Mandatory Redemption Schedule and selected by the City. Each such Term <br /> Bond so delivered or previously redeemed or purchased and cancelled shall be credited by the <br /> Bond Registrar against the principal installments to be prepaid pursuant to the Mandatory <br /> Redemption Schedule and selected by the Issuer. <br /> Prior to the date on which any Bond or Bonds are directed by the City to be redeemed in <br /> advance of maturity, the Issuer will cause notice of the call thereof for redemption identifying the <br /> Bonds to be redeemed to be mailed to the Bond Registrar and all Bondholders, at the addresses <br /> shown on the Bond Register. All Bonds so called for redemption will cease to bear interest on <br /> the specified redemption date,provided funds for their redemption have been duly deposited. <br /> (c) Optional Redemption. Bonds maturing on February 1,2010, and thereafter, shall <br /> be subject to redemption and prepayment at the option of the City on February 1, 2009, and on <br /> any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part <br /> of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal <br /> amounts within each maturity to be redeemed shall be determined by the City; and if only part of <br /> the Bonds having a common maturity date are called for prepayment,the specific Bonds to be <br /> prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for <br /> redemption shall be due and payable on the redemption date, and interest thereon shall cease to <br /> accrue from and after the redemption date. Mailed notice of redemption shall be given to the <br /> paying agent and to each affected registered holder of the Bonds prior to the date fixed for <br /> redemption. <br /> To effect a partial redemption of Bonds having a common maturity date,the Bond <br /> Registrar prior to giving notice of redemption shall assign to each Bond having a common <br /> maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The <br /> Bond Registrar shall then select by lot,using such method of selection as it shall deem proper in <br /> its discretion, from the numbers so assigned to such Bonds, as many numbers as, at$5,000 for <br /> each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be <br /> redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, <br /> that only so much of the principal amount of each such Bond of a denomination of more than <br /> $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If <br /> a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar(with, if the <br /> City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the <br /> City and Bond Registrar duly executed by the holder thereof or the Holder's attorney duly <br /> authorized in writing) and the City shall execute (if necessary) and the Bond Registrar shall <br /> 1693357v1 3 <br />