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L <br /> ® another corporation, if the resulting corporation is a bank or trust company authorized by law to <br /> conduct such business, such corporation shall be authorized to act as successor Registrar. The <br /> City agrees to pay the reasonable and customary charges of the Registrar for the services <br /> performed. The City reserves the right to remove any Registrar upon thirty (30) days' notice and <br /> upon the appointment of a successor Registrar, in which event the predecessor Registrar shall <br /> deliver all cash and Bonds in its possession to the successor Registrar. On or before each <br /> principal or interest due date, without further order of this Council, the Finance Director shall <br /> transmit to the Registrar from the 2007A Improvement Bond Fund described in Section 4 hereof, <br /> moneys sufficient for the payment of all principal and interest then due. <br /> 3.05. Redemption. (a) Bonds maturing in the years 2009 through 2014 are payable on <br /> their respective stated maturity dates without option of prior payment, but Bonds maturing in <br /> 2015 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, 2014 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 <br /> the 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 /> years and principal amounts set forth below: <br /> • <br /> -9- <br />