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The Registrar and Paying Agent shall credit against the current mandatory <br />sinking fund requirement for a Term Bond of a particular maturity, any Bonds of such <br />maturity delivered to the Registrar and Paying Agent for cancellation or purchased for <br />cancellation by the Registrar and Paying Agent and cancelled by the Registrar and Paying <br />Agent and not theretofore applied as a credit against any mandatory sinking fund <br />requirement. Each Bond so delivered or purchased shall be credited by the Registrar and <br />Paying Agent at 100% of the principal amount thereof against the mandatory sinking <br />fund redemption requirements for the applicable Term Bond in order of mandatory <br />sinking fund redemption (or final maturity) dates determined by the Board, and the <br />principal amount of such Term Bond to be redeemed on such mandatory sinking fund <br />redemption dates by operation of the mandatory sinking fund requirements shall be <br />reduced accordingly; provided, however, the Registrar and Paying Agent shall only credit <br />Bonds against the mandatory sinking fund requirements to the extent such Bonds are <br />received on or before 45 days preceding the applicable mandatory sinking fund <br />redemption date. <br />The Registrar shall determine by lot (treating each $5,000 principal <br />amount of each Bond as a separate Bond for such purpose) the Bonds within a Term <br />Bond of a particular maturity to be redeemed pursuant to the mandatory sinking fund <br />redemption requirements on February 1 and August 1 of each year. <br />Notice of any such mandatory sinking fund redemption shall be given in <br />cmp� the same manner as notice of optional redemption is required to be given pursuant to this <br />Section 2 of this Resolution. If Bonds are to be redeemed by optional redemption and <br />mandatory sinking fund redemption on the same date, the Registrar shall select by lot the <br />Bonds for optional redemption before selecting the Bonds by lot for the mandatory <br />sinking fund redemption. <br />In the event any of the Bonds are issued as Term Bonds, the form of the <br />Bond set forth in Section 3 of this Resolution shall be modified accordingly. <br />Any reference to payment of principal on the Bonds shall include payment <br />of scheduled mandatory sinking fund redemption payments described in this Section 2. <br />d. Redemption Notice. Unless waived by any holder of Bonds to be <br />redeemed, official notice of any such redemption shall be given by the Registrar on <br />behalf of the Commission identifying the Bonds, by mailing a copy of an official <br />redemption notice by registered or certified mail at least thirty (30) days and not more <br />than sixty (60) days prior to the date fixed for redemption to the registered owner of the <br />Bond or Bonds to be redeemed at the address shown on the Bond Register or at such <br />other address as is furnished in writing by such registered owner to the Registrar; <br />provided, however, that failure to give such notice by mailing, or any defect therein, with <br />respect to any Bond shall not affect the validity of any proceedings for the redemption of <br />other Bonds. <br />BDDB01 6406657v2 - 8 - <br />