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• Year Principal Amount <br /> 2005 $65,000 <br /> 2006 65,000 <br /> 2007 (final maturity) 70,000 <br /> Bonds maturing on January 1, 2012 shall be subject to mandatory <br /> redemption prior to their stated maturity in part by lot on January 1 in the following <br /> years and principal amounts at a price equal to the principal amount thereof to be <br /> redeemed plus accrued interest to the date of redemption: <br /> Year Principal Amount <br /> 2008 $75,000 <br /> 2009 80,000 <br /> 2010 85,000 <br /> 2011 90,000 <br /> 2012 (final maturity) 95,000 <br /> At least thirty days prior to the date set for redemption of any Bond, <br /> notice of the call for redemption will be mailed to the Bond Registrar and to the <br /> registered owner of each Bond to be redeemed at his address appearing in the Bond <br /> • Register, but no defect in or failure to give such mailed notice of redemption shall <br /> affect the validity of the proceedings for the redemption of any Bond not affected by <br /> such defect or failure. Official notice of redemption having been given as aforesaid, <br /> the Bonds or portions of the Bonds so to be redeemed shall, on the redemption date, <br /> become due and payable at the redemption price herein specified and from and after <br /> such date (unless the City shall default in the payment of the redemption price) such <br /> Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption <br /> of any Bond, a new Bond or Bonds will be delivered to the registered owner without <br /> charge, representing the remaining principal amount outstanding. <br /> Bonds of this series are designated by the City as "Qualified Tax Exempt <br /> Obligations" pursuant to Section 265(b) of the Internal Revenue Code of 1986, as <br /> amended. <br /> As provided in the Resolution and subject to certain limitations set <br /> forth therein, this Bond is transferable upon the books of the City at the principal <br /> office of the Bond Registrar, by the registered owner hereof in person or by his <br /> attorney duly authorized in writing upon surrender hereof together with a written <br /> instrument of transfer satisfactory to the Bond Registrar, duly executed by the <br /> registered owner or his attorney; and may also be surrendered in exchange for Bonds <br /> of other authorized denominations. Upon such transfer or exchange, the City will <br /> cause a new Bond or Bonds to be issued in the name of the transferee or registered <br /> • <br /> -6- <br />