Construction of Additions and Improvements to the Sewage Works Bonds

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Section 5. Series 1989 Bonds maturing on or after February 1, 1998, shall be subject to prior redemption on and after February 1, 1997, at the option of the City (to be exercised by the Board of Public Works) , on any date, in whole or in part, only in authorized denominations, in inverse order of maturity, and by lot (in such manner as the Registrar and Paying Agent shall determine) , within a maturity. Series 1989 Bonds so redeemed shall be redeemed on such redemption date at a price of 100% of the principal amount of the Series 1989 Bonds outstanding to be redeemed plus accrued interest to the redemption date on the principal amount to be redeemed, and without premium. Unless waived by any holder of Series 1989 Bonds to be redeemed, official notice of any such redemption shall be given by the Registrar and Paying Agent on behalf of the City by mailing a copy of an official redemption notice by registered or certified mail at least thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption to the registered owner of the Series 1989 Bond or Series 1989 Bonds to be redeemed at the address shown on the Series 1989 Bond Register or such other address as is furnished in writing by such registered owner to the Registrar and Paying Agent; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any Series 1989 Bond shall not affect the validity of any proceedings for the redemption of other Series 1989 Bonds. All official notices of redemption shall be dated and shall state: (1) The redemption date, (2) The redemption price, (3) If less than all outstanding Series 1989 Bonds are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the Series 1989 Bonds to be redeemed, (4) That on the redemption date the redemption price will become due and payable upon each such Series 1989 Bond or portion therof called for redemption, and that interest thereon shall cease to accrue from and after said date, and (5) The place where such Series 1989 Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the place provided for the payment of the principal of and premium, if any, on the Series 1989 Bonds. Prior to any redemption date, the City shall deposit with the Registrar and Paying Agent an amount of money sufficient to -7-