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<br />In the event of a succession of the Depository as may be <br />authorized by this paragraph, the Bond Registrar upon <br />presentation of Global Certificates shall register their <br />transfer to the substitute or successor depositories, and the <br />substitute or successor depository shall be treated as the <br />Depository for all purposes and functions under this <br />resolution. The Depository Letter Agreement shall not apply <br />to a substitute or successor depository unless the City and <br />the substitute or successor depository so agree, and a similar <br />agreement may be entered into. <br /> <br />7. Redemption. All Bonds maturing in the years <br />1995 to 2002, both inclusive, shall be subject to redemption <br />and prepayment at the option of the City on March l, 1994, and <br />on any interest payment date thereafter at a price of par plus <br />accrued interest. <br /> <br />Redemption may be in whole or in part of the Bonds <br />subject to prepayment. If redemption is in part, those Bonds <br />remaining unpaid which have the latest maturity date shall be <br />prepaid first: and if only part of the Bonds having a common <br />maturity date are called for prepayment, the Global Certifi- <br />cates may be prepaid in $5,000 increments of principal and, if <br />applicable, the specific Replacement Bonds to be prepaid shall <br />be chosen by lot by the Bond Registrar. Bonds or portions <br />thereof called for redemption shall be due and payable on the <br />redemption date, and interest thereon shall cease to accrue <br />from and after the redemption date. <br /> <br />Upon a reduction in the aggregate principal amount <br />of a Global Certificate, the Holder may make a notation of <br />such redemption on the panel provided on the Global <br />Certificate stating the amount so redeemed, or may return the <br />Global Certificate to the Bond Registrar in exchange for a new <br />Global Certificate authenticated by the Bond Registrar, in <br />proper principal amount. Such notation, if made by the <br />Holder, shall be for reference only, and may not be relied <br />upon by any other person as being in any way determinative of <br />the principal amount of such Global Certificate outstanding, <br />unless the Bond Registrar has signed the appropriate column of <br />the panel. <br /> <br />To effect a partial redemption of Replacement Bonds <br />having a common maturity date, the Bond Registrar prior to <br />giving notice of redemption shall assign to each Replacement <br />Bond having a common maturity date a distinctive number for <br />each $5,000 of the principal amount of such Replacement Bond. <br /> <br />7 <br />