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<br />require payment of a reasonable fee for each new Bond issued under this Section and of <br />the expenses which may be incurred by the City and the Agent. Any Bond issued under <br />the provisions of this Section in lieu of any Bond alleged to be lost, destroyed or stolen <br />shall constitute an original contractual obligation on the part of the City whether or not <br />the Bond alleged to be lost, destroyed or stolen be at any time enforceable by anyone, <br />and shall be equally and proportionately entitled to the benefits of this Resolution with all <br />other Bonds secured by this Resolution. <br /> <br />Section 2.14. Redemption Prior to Maturity. Each Bond, or any portion <br />thereof in the amount of the Bond Denomination or any integral multiple thereof, <br />outstanding may be redeemed and paid in advance of maturity upon any Interest <br />Payment Date in any year by giving 30-day's notice by registered or certified mail or <br />personal service to the Registered Owner as required by applicable provisions of the <br />Bond Law and by paying the principal amount thereof together with the applicable <br />Redemption Premium plus interest to the date of advanced maturity, unless Sooner <br />surrendered, in which event said interest will be paid to the date of payment, all in the <br />manner and as provided in the Bond Law. <br /> <br />The Bonds shall be subject to a Redemption Premium of three percent (3%) of the <br />principal amount thereof being redeemed if redeemed on or before September 2, 1998. <br />Thereafter the Bonds shall be subject to the following Redemption Premiums for the <br />fOllowing redemption dates: <br /> <br />Redemption Date <br /> <br />Redemption Premium <br /> <br />March 2, 1999 and September 2, 1999 <br />March 2, 2000, and thereafter <br /> <br />1-1/2 % <br />0% <br /> <br />The Treasurer shall cause to be called for redemption and retire Bonds upon <br />prepayment of assessments in amounts sufficient therefor, or whenever sufficient surplus <br />funds are available therefor in the Redemption Fund. <br /> <br />The provisions of Part 11.1 of the Bond Law are applicable to the advance <br />payment of assessments and to the calling of the Bonds. <br /> <br />Section 2.15. Refunding of Bonds. The Bonds may be refunded by the City <br />pursuant to Divisions 11 or 11.5 of the Streets and Highways Code of the State of <br />California upon the conditions as set forth in appropriate proceedings therefor, all as <br />determined by the Council. <br /> <br />-12- <br /> <br />11261 <br />