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The Registrar and Paying Agent shall credit against the current mandatory sinking fund <br /> requirement for a Term Bond of a particular maturity, any 2011 Bonds of such maturity <br /> delivered to the Registrar and Paying Agent for cancellation or purchased for cancellation by the <br /> Registrar and Paying Agent and cancelled by the Registrar and Paying Agent and not theretofore <br /> applied as a credit against any mandatory sinking fund requirement. Each 2011 Bond so <br /> delivered or purchased shall be credited by the Registrar and Paying Agent at 100% of the <br /> principal amount thereof against the mandatory sinking fund redemption requirements for the <br /> applicable Term Bond in order of mandatory sinking fund redemption (or final maturity) dates <br /> determined by the Clerk, and the principal amount of such Term Bond to be redeemed on such <br /> mandatory sinking fund redemption dates by operation of the mandatory sinking fund <br /> requirements shall be reduced accordingly; provided, however, the Registrar and Paying Agent <br /> shall only credit 2011 Bonds against the mandatory sinking fund requirements to the extent such <br /> 2011 Bonds are 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 amount of each 2011 <br /> Bond as a separate 2011 Bond for such purpose) the 2011 Bonds within a Term Bond of a <br /> particular maturity to be redeemed pursuant to the mandatory sinking fund redemption <br /> requirements on December 1 of each year. <br /> Notice of any such mandatory sinking fund redemption shall be given in the same manner <br /> as notice of optional redemption is required to be given pursuant to this Section 4 of this <br /> Ordinance. If 2011 Bonds are to be redeemed by optional redemption and mandatory sinking <br /> fund redemption on the same date, the Registrar shall select by lot the 2011 Bonds for optional <br /> redemption before selecting the 2011 Bonds by lot for the mandatory sinking fund <br /> redemption. <br /> In the event any of the 2011 Bonds are issued as Term Bonds, the form of the 2011 Bond <br /> set forth in Appendix B to this Ordinance shall be modified accordingly. <br /> Any reference to payment of principal on the 2011 Bonds shall include payment of <br /> scheduled mandatory sinking fund redemption payments described in this Section 4. <br /> (d) All 2011 Bonds which have been redeemed shall be canceled and shall not be <br /> reissued; provided, however, that one or more new registered 2011 Bonds shall be issued for the <br /> unredeemed portion of any 2011 Bond without charge to the holder thereo£ <br /> (e) No later than the date fixed for redemption, funds shall be deposited with the <br /> Paying Agent to pay, and the Paying Agent is hereby authorized and directed to apply such funds <br /> to the payment of, the 2011 Bonds or portions thereof called for redemption, including accrued <br /> interest thereon to the redemption date. No payment shall be made upon any 2011 Bond or <br /> portion thereof called for redemption until such 2011 Bond shall have been delivered for <br /> payment or cancellation or the Registrar shall have received the items required by this Ordinance <br /> with respect to any mutilated, lost, stolen or destroyed 2011 Bond. <br /> SECTION 5. Appointment of Re�istrar and Payin� Agent. The Controller is hereby <br /> authorized to appoint a registrar and a paying agent for the 2011 Bonds ("Registrar" or "Paying <br /> - 7 - <br />