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the date of such sinking fund payments. Appropriate changes shall be made in the definitive form <br /> of Refunding Bonds, relative to the form of Refunding Bonds contained in this Ordinance, to <br /> reflect any mandatory sinking fund redemption terms. <br /> If any Refunding Bond is issued as a term bond, the Paying Agent shall credit against the <br /> mandatory sinking fund requirement for the Refunding Bonds maturing as term bonds, and <br /> corresponding mandatory redemption obligation, in the order determined by the City, any <br /> Refunding Bonds maturing as term bonds which have previously been redeemed (otherwise than <br /> as a result of a previous mandatory redemption requirement) or delivered to the Registrar for <br /> cancellation or purchased for cancellation by the Paying Agent and not theretofore applied as a <br /> credit against any redemption obligation. Each Refunding Bond maturing as a term bond so <br /> delivered or cancelled shall be credited by the Paying Agent at 100% of the principal amount <br /> thereof against the mandatory sinking fund obligation on such mandatory sinking fund date, and <br /> any excess of such amount shall be credited on future redemption obligations, and the principal <br /> amount of the Refunding Bonds to be redeemed by operation of the mandatory sinking fund <br /> requirement shall be accordingly reduced; provided, however, the Paying Agent shall credit only <br /> such Refunding Bonds maturing as term bonds to the extent received on or before forty-five (45) <br /> days preceding the applicable mandatory redemption date. <br /> Each Five Thousand Dollars($5,000)principal amount shall be considered a separate bond <br /> for purposes of mandatory redemption. If less than an entire maturity is called for redemption,the <br /> Refunding Bonds to be called shall be selected by lot by the Registrar. <br /> Notice of redemption shall be mailed by first-class mail to the address of each registered <br /> owner of a Refunding Bond to be redeemed as shown on the Registration Record not more than <br /> sixty (60) days and not less than thirty (30) days prior to the date fixed for redemption except to <br /> the extent such redemption notice is waived by owners of the Refunding Bonds redeemed, <br /> provided, however, that failure to give such notice by mailing, or any defect therein, with respect <br /> to any Refunding Bond shall not affect the validity of any proceedings for the redemption of any <br /> other Refunding Bonds. The notice shall specify the date and place of redemption,the redemption <br /> price and the CUSIP numbers of the Refunding Bonds called for redemption. The place of <br /> redemption may be determined by the City. Interest on the Refunding Bonds so called for <br /> redemption shall cease on the redemption date fixed in such notice if sufficient funds are available <br /> at the place of redemption to pay the redemption price on the date so named, and thereafter, such <br /> Refunding Bonds shall no longer be protected by this Ordinance and shall not be deemed to be <br /> outstanding hereunder, and the holders thereof shall have the right only to receive the redemption <br /> price. <br /> All Refunding Bonds which have been redeemed shall be canceled and shall not be <br /> reissued; provided, however, that one or more new registered bonds shall be issued for the <br /> unredeemed portion of any Refunding Bond without charge to the holder thereof. <br /> No later than the date fixed for redemption, funds shall be deposited with the Paying Agent <br /> or another paying agent to pay, and such agent is hereby authorized and directed to apply such <br /> funds to the payment of,the Refunding Bonds or portions thereof called for redemption, including <br /> accrued interest thereon to the redemption date. <br /> - 7 - <br />