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• In the event that any Bonds maturing in the year 2022 are redeemed pursuant to (a) above by the <br /> City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2022 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 2022 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 2024 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 /> 2023 $160,000 <br /> 2024* 165,000 <br /> *Final Maturity <br /> In the event that any Bonds maturing in the year 2024 are redeemed pursuant to (a) above by the <br /> • City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2024 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(c), such credit to be equal to the principal amount of the Bonds <br /> maturing in the year 2024 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 /> (d) At least thirty days prior to the date set for redemption of any Bond,the City shall <br /> cause notice of the call for redemption to be mailed to the Registrar and to the registered owner <br /> 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 /> portions thereof so to be redeemed shall, on the redemption date,become due and payable at the <br /> redemption price therein specified and from and after such date (unless the City shall default in <br /> the payment of the redemption price) such Bonds or portions thereof shall cease to bear interest. <br /> Bonds in a denomination larger than $5,000 may be redeemed in part in any integral <br /> multiple of$5,000. The owner of any Bond redeemed in part shall receive without charge, upon <br /> surrender of such Bond to the Registrar, one or more new Bonds in authorized denominations <br /> equal in principal amount to be unredeemed portion of the Bond so surrendered. <br /> -9- <br />