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• accordance with the following schedule, plus interest accrued on <br />the Bonds so redeemed to the date fixed for redemption: <br />Redemption Period <br />(Both Dates Inclusive) Redemption Price <br />August 1, 2003 to July 31, 2004 102% <br />August 1, 2004 to July 31, 2005 101% <br />August 1, 2005 to thereafter 100% <br />Section 4. At the option of the Underwriter, the <br />Underwriter may aggregate the Bonds into one or two term bonds <br />payable from mandatory sinking fund redemption payments (the "Term <br />Bonds") required to be made as set forth below. The Term Bonds <br />shall have a stated maturity or maturities on February 1 and August <br />1. Such Term Bonds shall be subject to mandatory sinking fund <br />redemption prior to maturity at a redemption price equal to 100% <br />of the principal amount thereof, plus accrued interest to the <br />redemption date, but without premium, on February 1 and August 1 <br />in the years and in the principal amounts as selected by the <br />Underwriter. The Trustee shall credit against the mandatory <br />sinking fund requirement for the Bonds aggregated into Term Bonds, <br />and corresponding mandatory redemption obligation, in the order <br />determined by the Authority, any of the Bonds aggregated into Term <br />Bonds. which have been previously been redeemed (otherwise than as <br />a result of a previous mandatory redemption requirement) or <br />delivered to the Trustee for cancellation or purchased for <br />cancellation by the Commission and not therefore applied as a <br />credit against any redemption obligation. Each Bond maturing as <br />a Term Bond so delivered or cancelled shall be credited by the <br />i• <br />-4- <br />