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<br />and prepayment at the option of the City on March 1, <br />2005, and on any date thereafter at a price of par plus <br />accrued interest. Redemption may be in whole or in <br />part of the Bonds subject to prepayment. If redemption <br />is in part, those Bonds remaining unpaid which have the <br />latest maturity date shall be prepaid first; and if <br />only part of the Bonds having a common maturity date <br />are called for prepayment, the specific Bonds to be <br />prepaid shall be chosen by lot by the Bond Registrar. <br />Bonds or portions thereof called for redemption shall <br />be due and payable on the redemption date, and interest <br />thereon shall cease to accrue from and after the <br />redemption date. Notice of redemption shall be given <br />by certified or registered mail at least thirty (30) <br />days prior to the date fixed for redemption to the <br />paying agent and to each affected registered holder of <br />the Bonds. <br /> <br />To effect a partial redemption of Bonds having a common <br />maturity date, the Bond Registrar prior to giving notice of <br />redemption shall assign to each Bond having a common maturity <br />date a distinctive number for each $5,000 of the principal amount <br />of such Bond. The Bond Registrar shall then select by lot, using <br />such method of selection as it shall deem proper in its discre- <br />tion, from the numbers so assigned to such Bonds, as many numbers <br />as, at $5,000 for each number, shall equal the principal amount <br />of such Bonds to be redeemed. The Bonds to be redeemed shall be <br />the Bonds to which were assigned numbers so selected; provided, <br />however, that only so much of the principal amount of each such <br />Bond of a denomination of more than $5,000 shall be redeemed as <br />shall equal $5,000 for each number assigned to it and so <br />selected. If a Bond is to be redeemed only in part, it shall be <br />surrendered to the Bond Registrar (with, if the City or Bond <br />Registrar so requires, a written instrument of transfer in form <br />satisfactory to the City and Bond Registrar duly executed by the <br />holder thereof or his, her or its attorney duly authorized in <br />writing) and the City shall execute (if necessary) and the Bond <br />Registrar shall authenticate and deliver to the Holder of such <br />Bond, without service charge, a new Bond or Bonds of the same <br />series having the same stated maturity and interest rate and of <br />any Authorized Denomination or Denominations, as requested by <br />such Holder, in aggregate principal amount equal to and in <br />exchange for the unredeemed portion of the principal of the Bond <br />so surrendered. <br /> <br />6. <br /> <br />Bond Registrar. The Treasurer/Finance Director of <br />the City is appointed to act as bond registrar and <br />transfer agent with respect to the Bonds (the "Bond <br />Registrar"), and shall do so unless and until a <br />successor Bond Registrar is duly appointed, all <br />pursuant to any contract the City and Bond Registrar <br />shall execute which is consistent herewith. The Bond <br />Registrar shall also serve as paying agent unless and <br />until a successor paying agent is duly appointed. <br />Principal and interest on the Bonds shall be paid to <br />the registered holders (or record holders) of the Bonds <br /> <br />1006009.1 <br /> <br />8 <br />