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<br />Section 13. Call and Redemption of Series B Bonds. Subject to <br />the provisions hereof, each Series B Bond outstanding may be redeemed <br />and paid in advance of maturity, in whole or in part, upon the second <br />day of January or July 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 5% 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 Parts 8 and II of the Act are applicable to <br />the collection of assessments and to the advance retirement of Series B <br />Bonds. <br /> <br />Any Series B Bond called in part shall be redeemed in <br />of $5,000 and a new Series B Bond or Bonds of like <br />representing the remaining portion of the Series B Bond so <br />will be issued without expense to the registered holder. <br /> <br />multiples <br />maturity, <br />redeemed, <br /> <br />The Treasurer shall call for redemption and retire Series B <br />Bonds or portions thereof when there are sufficient surplus monies in <br />the Redemption Fund to redeem any such Series B Bond outstanding and <br />not due on the next succeeding second day of July. In selecting Series <br />B Bonds or portions thereof for retirement, the Treasurer shall choose <br />Series B Bonds in such manner as to disturb as little as possible the <br />relationship of unpaid assessments to Bonds outstanding. <br /> <br />At such time as a determination has been made to call and redeem <br />a Series B Bond or portion thereof in advance of maturity, the <br />Treasurer shall: <br /> <br />(a) give written notification to the Agent requesting a list of <br />the names and addresses of the registered holders of the Series B 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 Series B Bond selected <br />for such redemption and that thereafter no transfer or exchange of such <br />Bond will be permitted by the City; <br /> <br />holder <br />part; <br /> <br />(c) <br />or <br /> <br />timely <br />holders <br /> <br />give written notice as aforesaid to the registered <br />of the Series B 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 sufficent funds to the <br />Agent to redeem such Bond or portion thereof, including premium and <br />interest not otherwise provided. <br /> <br />-6- <br />