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<br />21 <br />the Redemption Account of the Payment Fund created pursuant to the 2007 Indenture and the <br />Refunding Fund shall be deemed to have be closed. The Trustee is not required to physically <br />open an account as a result of the deemed establishment of, deposit to or transfer from the <br />Refunding Fund. Nothwithstanding anything to the contrary set forth in this Indenture, the <br />Trustee shall have no responsibility or liability with respect to the amount deemed deposited to <br />the Refunding Fund and deemed transferred from the Refunding Fund to the Prior Trustee. <br /> <br /> <br />ARTICLE IV <br /> <br />REDEMPTION OF BONDS <br /> <br />Section 4.01. Terms of Redemption. <br /> <br />(a) Extraordinary Casualty Redemption. The Bonds are subject to redemption, in <br />whole or in part. on any date, from the Net Proceeds of insurance or condemnation with respect <br />to the Enterprise, which Net Proceeds are deposited in the Payment Fund and credited towards <br />the prepayment of the Installment Payments made by the City pursuant to the Installment <br />Purchase Contract, at a redemption price equal to the principal amount of the Bonds to be <br />redeemed, together with accrued interest to the date fixed for redemption, without premium. <br /> <br />(b) Optional Redemption. The Series 2017 Bonds maturing on or before February 1, <br />2027, are not subject to optional redemption prior to their respective stated maturities. The <br />Series 2017 Bonds maturing on or after February 1, 2028, are subject to optional redemption on <br />any date on or after February 1, 2027, in whole or in part, from prepayments of the Installment <br />Payments made at the option of the City pursuant to the Installment Purchase Contract, at a <br />redemption price equal to the principal amount thereof to be redeemed together with accrued <br />interest to the redemption date, without premium. <br /> <br />(c) Purchase in Lieu of Redemption. In lieu, or partially in lieu, of such call and <br />redemption, moneys of the Authority may be used to purchase Outstanding Bonds in the <br />manner hereinafter provided. Purchases of Outstanding Bonds may be made by the Authority <br />prior to the selection of Bonds for redemption by the Trustee, at public or private sale as and <br />when and at such prices as the Authority may in its discretion determine but only at prices <br />(including brokerage or other expenses) of not more than par plus applicable accrued interest <br />and redemption premiums, and any accrued interest payable upon the purchase of Bonds may <br />be paid from the amount in the Payment Fund for payment of interest on the following Interest <br />Payment Date. <br /> <br />Section 4.02. Selection of Bonds for Redemption. In the event that part, but not all, of <br />the Bonds are to be redeemed, the Bonds to be redeemed shall be selected by the Trustee <br />among maturities as designated in writing by the Authority and by lot within a maturity; provided, <br />however, that, as shall be set forth in a Certificate of the Authority, the Bonds may be redeemed <br />by any maturity or maturities selected by the City to correspond with Installment Payments <br />prepaid by the City, and by lot within a maturity. For the purpose of the selection described in <br />this Section, all Bonds registered in the name of the same Owner shall be aggregated and <br />treated as a single Bond held by such Owner. Notwithstanding any of the foregoing, in any such <br />partial redemption the Trustee shall call the Bonds for redemption in integral multiples of $5,000. <br /> <br />8.C. - Page 132