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• consolidation of the Registrar with another corporation, if the resulting corporation is a bank or <br /> trust company authorized by law to conduct such business, such corporation shall be authorized <br /> to act as successor Registrar. The City agrees to pay the reasonable and customary charges of <br /> the Registrar for the services performed. The City reserves the right to remove any Registrar <br /> upon thirty(30)days' notice and upon the appointment of a successor Registrar, in which event <br /> the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor <br /> Registrar. On or before each principal or interest due date,without further order of this Council, <br /> the Finance Director shall transmit to the Registrar from the 2002 Improvement Bond Fund <br /> described in Section 4 hereof,moneys sufficient for the payment of all principal and interest then <br /> due. <br /> 3.05. Redemption. (a) Bonds maturing in the years 2004 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 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 /> *Final Maturity <br /> In the event that any Bonds maturing in the year are redeemed pursuant to (a) above by the <br /> City and canceled by the Registrar and not reissued,the Bonds maturing in the year 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 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 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 /> 0 years and principal amounts set forth below: <br /> -9- <br />