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2021 and later years are each subject to redemption, at the option of the City and in whole or in <br />part, and if in part, in the maturities selected by the City and, within any maturity, in $5,000 <br />principal amounts selected by the Registrar by lot, on February 1, 2020 and on any date <br />thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus <br />accrued interest to the date of redemption. <br />(b) Bonds maturing in the year 2016 shall be subject to mandatory sinking fund <br />redemption by lot at a redemption price equal to the principal amount of the Bonds to be so <br />redeemed plus interest accrued thereon to the date fixed for redemption, on February 1, in the <br />years and principal amounts set forth below: <br />Year Amount <br />2015 $115,000 <br />2016* 115,000 <br />*Final Maturity <br />In the event that any Bonds maturing in the year 2016 are redeemed pursuant to (a) above by the <br />City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2016 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 2016 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 />(c) Bonds maturing in the year 2018 shall be subject to mandatory sinking fiord <br />redemption by lot at a redemption price equal to the principal amount of the Bonds to be so <br />redeemed plus interest accrued thereon to the date fixed for redemption. on February 1, in the <br />years and principal amounts set forth below: <br />Year Amount <br />2017 $115,000 <br />2018* 115,000 <br />*Final Maturity <br />In the event that any Bonds maturing in the year 2018 are redeemed pursuant to (a) above by the <br />City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2018 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 (c), such credit to be equal to the principal amount of the Bonds <br />maturing in the year 2018 so redeemed or canceled provided that the City has notified the <br />