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to any such bond will not affect the validity of any proceedings <br /> for redemption of any other such bonds. The notice shall specify <br /> the redemption price, the date and place of redemption, and the <br /> registration numbers (and in case of partial redemption, the <br /> respective principal amounts) of the bonds called for redemption. <br /> Interest on bonds so called for redemption shall cease to accrue <br /> on the redemption date fixed in such notice, so long as sufficient <br /> funds are available at the place of redemption to pay the <br /> redemption price on the redemption date or when presented for <br /> payment. <br /> Prior to the date fixed for redemption, funds shall be <br /> deposited with the Paying Agent to pay, and the Paying Agent is <br /> hereby authorized and directed to apply such funds to the payment <br /> of the bonds or portions thereof called, together with accrued <br /> interest thereon to the redemption date and any required premium. <br /> No payment shall be made by the Paying Agent upon any bond or <br /> portion thereof called for redemption until such bond shall have <br /> been delivered for payment or cancellation or the Registrar shall <br /> have received the items required by the Ordinance with respect to <br /> any mutilated, lost, stolen or destroyed bond. <br /> If this bond shall have become due and payable in <br /> accordance with its terms or this bond or a portion hereof shall <br /> have been duly called for redemption or irrevocable instructions <br /> to call this bond or a portion hereof for redemption shall be given <br /> and the whole amount of the principal and the premium, if any, and <br /> interest, so dutand payable upon this bond or such portion hereof <br /> shall be paid, or (i) sufficient moneys, or (ii) direct obligations <br /> of, or obligations the principal of and interest on which are <br /> unconditionally guaranteed by the United States of America, the <br /> principal of and the interest on which when due will provide <br /> sufficient moneys for such purpose, or (iii) time certificates of <br /> deposit of a bank or banks, fully secured as to both principal and <br /> interest by obligations of the kind described in (ii) above, the <br /> principal of and interest on which when due will provide sufficient <br /> moneys for such purpose, shall be held in trust for such purpose, <br /> then and in that case this bond or such portion hereof shall no <br /> longer be deemed outstanding, entitled to the pledge of the net <br /> revenues of the Waterworks or an obligation of the City. <br /> If this bond shall not be presented for payment or <br /> redemption on the date fixed therefor, the City may deposit in <br /> trust with the Paying Agent an amount sufficient to pay such bond <br /> or the redemption price, as appropriate, and thereafter the <br /> Registered Owner shall look only to the funds so deposited in trust <br /> with the Paying Agent for payment, and the City shall have no <br /> further obligation or liability with respect thereto. <br /> -6- <br />