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• corporation is a bank or trust company authorized by law to conduct such business, such <br /> corporation shall be authorized to act as successor Registrar. The City agrees to pay the <br /> reasonable and customary charges of the Registrar for the services performed. The City reserves <br /> the right to remove any Registrar upon thirty (30) days' notice and upon the appointment of a <br /> successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in <br /> its possession to the successor Registrar. On or before each principal or interest due date, <br /> without further order of this Council, the Finance Director shall transmit to the Registrar from <br /> the 2000 State-Aid Street Bond Fund described in Section 4 hereof, moneys sufficient for the <br /> payment of all principal and interest then due. <br /> 3.05. Redemption. (a) Bonds maturing in the years 2002 through 2009 are <br /> payable on their respective stated maturity dates without option of prior payment, but Bonds <br /> maturing in 2010 and later years are each subject to redemption, at the option of the City and in <br /> whole or in part, and if in part, in the maturities selected by the City and, within any maturity, in <br /> $5,000 principal amounts selected by the Registrar by lot, on April 1, 2009 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 2009 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 April 1, in the years <br /> and principal amounts set forth below: <br /> Year Amount <br /> 2007 $70,000 <br /> 2008 70,000 <br /> 2009* 70,000 <br /> *Final Maturity <br /> _ (c) Bonds maturing in the year 2011 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 April 1, in the years <br /> and principal amounts set forth below: <br /> Year Amount <br /> 2010 $65,000 <br /> 2011* 65,000 <br /> *Final Maturity <br /> Is <br />