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<br />advance of maturity, in whole or in part, upon the second day of March <br />or September in any year by giving at least 60 days notice by <br />registered mail to the registered holder thereof and by paying the <br />principal amount to be redeemed together with a premium equal to 3% of <br />such principal amount plus interest to the date of advanced maturity, <br />unless sooner surrendered, in which event said interest will be paid to <br />the date of payment, all in the manner provided herein and in the Act. <br /> <br />The provisions of Part 11 of the Act are applicable to the <br />advance retirement of the Bonds. <br /> <br />Any Bond called in part shall be redeemed in multiples of $5,000 <br />and a new Bond or Bonds of like maturity representing the remaining <br />portion of the Bond so redeemed will be issued without expense to the <br />registered holder. <br /> <br />The Treasurer shall call for redemption and retire Bonds or <br />portions thereof when there are sufficient surplus monies in the <br />Redemption Fund to redeem any Bond outstanding and not due on the next <br />succeeding second day of September. In selecting Bonds or portions <br />thereof for retirement, the Treasurer shall choose the lowest numbered <br />Bond of the annual series midway to the end of the Bond term. <br />Successive Bonds shall be chosen from the lowest number of each annual <br />series, before and after the series from which the first Bond is <br />selected, so that Bonds called shall be a pro rata part of each annual <br />series. It is intended that the relationship of unpaid assessments to <br />Bonds outstanding be disturbed as little as possible by the call of <br />Bonds. <br /> <br />At such time as a determination has been made to call and redeem <br />a Bond or portion thereof in advance of maturity, the Treasurer shall: <br /> <br />(a) Give written notification to the Agent requesting a <br />list of the names and addresses of the registered holders of the Bonds <br />and the numbers, denominations and maturities of the Bonds held by such <br />holders; <br /> <br />(b) Immediately notify the Agent of the Bond selected <br />redemption and that thereafter no transfer or exchange of such <br />will be permitted by the City; <br /> <br />for <br />Bond <br /> <br />registered <br />part; <br /> <br />(c) Timely give written notice as aforesaid to the <br />holder or holders of the Bond to be called in whole or in <br /> <br />(d) provide written notice to the Agent of the terms of <br />redemption of such Bond; and <br /> <br />(e) Prior to the call date, provide sufficient funds to the <br />Agent to redeem such Bond v" portion thereof, including premium and <br />interest not otherwise provided. <br /> <br />-12- <br />