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pursuant to this subsection (b), such credit to be equal to the principal amount of the Bonds <br />maturing in the year 2025 so redeemed or canceled provided that the City has notified the <br />Register not less than thirty-five (35) days prior to the redemption date of its election to apply <br />such Bonds as a credit. <br />Bonds maturing in the year 2029 shall be subject to mandatory sinking fund redemption <br />by lot at a redemption price equal to the principal amount of the Bonds to be so redeemed plus <br />interest accrued thereon to the date fixed for redemption. on February 1, in the years and <br />principal amounts set forth below: <br />Year Amount <br />2026 <br />$120,000 <br />2027 <br />125,000 <br />2028 <br />125,000 <br />2029* <br />130,000 <br />*Final Maturity <br />In the event that any Bonds maturing in the year 2029 are redeemed pursuant to (a) above by the <br />City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2029 so <br />redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed <br />pursuant to this subsection (b), such credit to be equal to the principal amount of the Bonds <br />maturing in the year 2029 so redeemed or canceled provided that the City has notified the <br />Register not less than thirty-five (35) days prior to the redemption date of its election to apply <br />such Bonds as a credit. <br />At least thirty days prior to the date set for redemption of any Bond, notice of the call for <br />redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be <br />redeemed at his address appearing in the Bond Register. but no defect in or failure to give such <br />mailed notice of redemption shall affect the validity of the proceedings for the redemption of any <br />Bond not affected by such defect or failure. Official notice of redemption having been given as <br />aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on the redemption date, <br />become due and payable at the redemption price herein specified and from and after such date <br />(unless the City shall default in the payment of the redemption price) such Bond or portions of <br />Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or <br />Bonds will be delivered to the registered owner without charge, representing the remaining <br />principal amount outstanding. <br />The Bonds have been designated by the City as "qualified tax-exempt obligations' <br />pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. <br />As provided in the Resolution and subject to certain limitations set forth therein, this <br />Bond is transferable upon the books of the City at the principal office of the Bond Registrar. by <br />the registered owner hereof in person or by his attorney duly authorized in writing upon <br />surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br />-5- <br />