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financial advisor, is hereby authorized and directed to determine the terms governing any such <br />redemption, and such terms shall be evidenced by delivery of the form of the 2014 Bonds to the <br />Controller. <br />Notice of redemption shall be mailed by first -class mail to the address of each registered owner <br />of a 2014 Bond to be redeemed as shown on the Registration Record not more than sixty (60) <br />days and not less than thirty (30) days prior to the date fixed for redemption except to the extent <br />such redemption notice is waived by owners of 2014 Bonds redeemed, provided, however, that <br />failure to give such notice by mailing, or any defect therein, with respect to any 2014 Bond shall <br />not affect the validity of any proceedings for the redemption of any other 2014 Bonds. The <br />notice shall specify the date and place of redemption, the redemption price and the CUSIP <br />numbers, if any, of the 2014 Bonds called for redemption. The place of redemption may be <br />determined by the Commission. Interest on the 2014 Bonds so called for redemption shall cease <br />on the redemption date fixed in such notice if sufficient funds are available at the place of <br />redemption to pay the redemption price on the date so named, and thereafter, such 2014 Bonds <br />shall no longer be protected by this resolution and shall not be deemed to be outstanding <br />hereunder, and the holders thereof shall have the right only to receive the redemption price. <br />All 2014 Bonds which have been redeemed shall be canceled and shall not be reissued; <br />provided, however, that one or more new registered bonds shall be issued for the unredeemed <br />portion of any 2014 Bond without charge to the holder thereof. <br />No later than the date fixed for redemption, funds shall be deposited with the Paying <br />Agent or another paying agent to pay, and such agent is hereby authorized and directed to apply <br />such funds to the payment of, the 2014 Bonds or portions thereof called for redemption, <br />including accrued interest thereon to the redemption date. No payment shall be made upon any <br />2014 Bond or portion thereof called for redemption until such bond shall have been delivered for <br />payment or cancellation or the Registrar shall have received the items required by this resolution <br />with respect to any mutilated, lost, stolen or destroyed bond. <br />SECTION 5. Appointment of Registrar and Paving Agent. The Controller is hereby <br />appointed to serve as registrar and paying agent or to appoint a registrar and paying agent for the <br />2014 Bonds (together with any successor, the "Registrar" or "Paying Agent'). The Registrar is <br />hereby charged with the responsibility of authenticating the 2014 Bonds, and shall keep and <br />maintain the Registration Record at its office. The Controller is hereby authorized to enter into <br />such agreements or understandings with an institution as will enable the institution to perform <br />the services required of the Registrar and Paying Agent. The Controller is authorized to pay <br />such fees as an institution may charge for the services it provides as Registrar and Paying Agent. <br />The Registrar and Paying Agent may at any time resign as Registrar and Paying Agent by <br />giving thirty (30) days written notice to the Commission and to each registered owner of the <br />2014 Bonds then outstanding, and such resignation will take effect at the end of such thirty (30) <br />days or upon the earlier appointment of a successor Registrar and Paying Agent by the <br />Commission. Such notice to the Commission may be served personally or be sent by first -class <br />or registered mail. The Registrar and Paying Agent may be removed at any time as Registrar and <br />Paying Agent by the Commission, in which event the Commission may appoint a successor <br />Registrar and Paying Agent. The Commission shall notify each registered owner of the 2014 <br />Bonds then outstanding of the removal of the Registrar and Paying Agent. Notices to registered <br />5 <br />