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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 2001 Improvement 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 2003 through 2010 are <br /> payable on their respective stated maturity dates without option of prior payment, but Bonds <br /> maturing in 2011 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 February 1, 2010 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 2017 shall be subject to mandatory sinking <br /> fund 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 /> 2016 $90,000 <br /> 2017 $90,000* <br /> *Final Maturity <br /> In the event that any Bonds maturing in the year 2017 are redeemed pursuant to (a) above by <br /> the City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2017 <br /> so redeemed and canceled may be applied by the City as a credit against the Bonds to be <br /> redeemed pursuant to this subsection (b), such credit to be equal to the principal amount of the <br /> Bonds maturing in the year 2017 so redeemed or canceled provided that the City has notified <br /> the 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) At least thirty days prior to the date set for redemption of any Bond, the City <br /> shall cause notice of the call for redemption to be mailed to the Registrar and to the registered <br /> owner of each Bond to be redeemed, but no defect in or failure to give such mailed notice of <br /> redemption shall affect the validity of proceedings for the redemption of any Bond not affected <br /> by such defect or failure. The notice of redemption shall specify the redemption date, <br /> redemption price,the numbers, interest rates and CUSIP numbers of the Bonds to be redeemed <br /> • and the place at which the Bonds are to be surrendered for payment, which is the principal office <br /> of the Registrar. Official notice of redemption having been given as aforesaid,the Bonds or <br /> -9- <br />