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credit and taxing power of the City have been and are hereby irrevocably pledged. <br /> • The Bonds are issuable only as fully registered bonds in denominations of $5,000 or <br /> any multiple thereof, of single maturities. <br /> Bonds maturing in the years 1995 through 2002 are payable on their <br /> respective stated maturity dates without option of prior payment, but Bonds having <br /> stated maturity dates in 2003 and later years are each subject to redemption and <br /> prepayment, at the option of the City and in whole or in part, and if in part, in the <br /> maturities selected by the City and, within a maturity, in $5,000 principal amounts <br /> selected by lot, on February 1, 2002 and on any date thereafter, at a price equal to the <br /> principal amount thereof to be redeemed plus accrued interest to the date of <br /> redemption. At least thirty days prior to the date set for redemption of any Bond, <br /> notice of the call for redemption will be mailed to the Bond Registrar and to the <br /> registered owner of each Bond to be redeemed at his address appearing in the Bond <br /> Register, but no defect in or failure to give such mailed notice of redemption shall <br /> affect the validity of the proceedings for the redemption of any Bond not affected by <br /> such defect or failure. Official notice of redemption having been given as aforesaid, <br /> 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 <br /> such date (unless the City shall default in the payment of the redemption price) such <br /> Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption <br /> of any Bond, a new Bond or Bonds will be delivered to the registered owner without <br /> charge, representing the remaining principal amount outstanding. <br /> • The Bonds have been designated b the Cit "qualified tax-exempt <br /> g Y Y as q P <br /> obligations" pursuant to Section 265(b) of the Internal Revenue Code of 1986, as <br /> amended. <br /> As provided in the Resolution and subject to certain limitations set <br /> forth therein, this Bond is transferable upon the books of the City at the principal <br /> office of the Bond Registrar, by the registered owner hereof in person or by his <br /> attorney duly authorized in writing upon surrender hereof together with a written <br /> instrument of transfer satisfactory to the Bond Registrar, duly executed by the <br /> registered owner or his attorney; and may also be surrendered in exchange for Bonds <br /> of other authorized denominations. Upon such transfer or exchange, the City will <br /> cause a new Bond or Bonds to be issued in the name of the transferee or registered <br /> owner, of the same aggregate principal amount, bearing interest at the same rate and <br /> maturing on the same date, subject to reimbursement for any tax, fee or <br /> governmental charge required to be paid with respect to such transfer or exchange. <br /> The City and the Bond Registrar may deem and treat the person in <br /> whose name this Bond is registered as the absolute owner hereof, whether this <br /> Bond is overdue or not, for the purpose of receiving payment and for all other <br /> -5- <br />