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registry books of the City maintained by the Agent as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal or redemption price, if any, and interest on such Bond and for all other purposes. All such payments so made to any such registered holder or upon the order of such holder shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the City nor the Agent shall be affected by any notice to the contrary. The Agent shall not transfer or exchange any Series A Bond which the City has selected for redemption, provided that the Agent has been notified of such selection, nor shall any transfer or exchange of a Series A Bond be required to be made between the 15th day next preceding an interest payment date and such interest payment date. Each Series A Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Series A Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. Section 22. Call and Redemption of Series A Bonds. Subject to the provisions hereof, each Series A Bond outstanding may be redeemed and paid in advance of maturity, in whole or in part, upon the second day of January or July in any year by giving at least 60 days notice by registered mail to the registered holder thereof and by paying the principal amount to be redeemed together with a premium equal to 5% of such principal amount plus interest to the date of advanced maturity, unless sooner surrendered, in which event said interest will be paid to the date of payment, all in the manner provided herein and in the Act. The provisions of Part 11 of the Act are applicable to the advance retirement of the Series A Bonds. Any Series A Bond called in part shall be redeemed in multiples of $5,000 and a new Series A Bond or Bonds of like maturity, representing the remaining portion of the Series A Bond so redeemed, will be issued without expense to the registered holder. The Treasurer shall call for redemption and retire Series A Bonds or portions thereof when there are sufficient surplus monies in the Redemption Fund to redeem any such Bond outstanding and not due on the next succeeding second day of July. In selecting Series A Bonds or portions thereof for retirement, the Treasurer shall choose the lowest numbered Series A Bond of the annual series midway to the end of the Series A Bond term. Successive Series A Bonds shall be chosen from the lowest number of each annual series, before and after the series from which the first Series A Bond is selected, so that Series A Bonds called shall be a pro rata part of each annual series. It is intended -12-