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owners of the Bonds, or (2) that it is in the best interest of the beneficial owners of the Bonds that they be able to obtain certificated bonds, in either of which events the City shall notify Holders of its determination and of the availability of certificates (the "Replacement Bonds") to Holders requesting the same and the registration, transfer and exchange of such Bonds will be conducted as provided in paragraphs 9B and 12 hereof. In the event of a succession of the Depository as may be authorized by this paragraph, the Bond Registrar upon presentation of Global certificates shall register their transfer to the substitute or successor depository, and the substitute or successor depository shall be treated as the Depository for all purposes and functions under this resolution. The Letter of Representations shall not apply to a substitute or successor depository unless the city and the substitute or successor depository so agree, and a similar agreement may be entered into. 7. Redemption. All Bonds maturing in the years 1999 to 2006, both inclusive, shall be subject to redemption and prepayment at the option of the City on February 1, 1998, and on any Interest PaYment Date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepaYment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date shall be prepaid first; and if only part of the Bonds having a common maturity date are called for prepaYment, the Global Certificates may be prepaid in $5,000 increments of principal and, if applicable, the specific Replacement Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption dàte, and interest thereon shall cease to accrue from and after the redemption date. Upon a reduction in the aggregate principal amount of a Global Certificate, the Holder may make a notation of such redemption on the panel provided on the Global certificate stating the amount so redeemed, or may return the Global certificate to the Bond Registrar in exchange for a new Global certificate authenticated by the Bond Registrar, in proper principal amount. Such notation, if made by the Holder, shall be for reference only, and may not be relied upon by any other person as being in any way determinative of the principal amount of such Global certificate outstanding, unless the Bond Registrar has signed the appropriate column of the panel. 26957 8