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of the principal and interest on the Bonds as the same become due,the full faith, credit and <br /> taxing power of the City have been and are hereby irrevocably pledged. The Bonds are issuable <br /> only as fully registered bonds in denominations of$5,000 or any multiple thereof, of single <br /> maturities. <br /> Bonds maturing in the years 2000 through 2006 are payable on their respective <br /> stated maturity dates without option of prior payment, but Bonds having stated maturity dates in <br /> 2007 and later years are each subject to redemption and prepayment, at the option of the City and <br /> in whole or in part, and if in part, in the maturities selected by the City and, within a maturity, in <br /> $5,000 principal amounts selected by lot, on February 1, 2006 and on any date thereafter, at a <br /> price equal to the principal amount thereof to be redeemed plus accrued interest to the date of <br /> redemption. Bonds maturing on February 1, 2010, shall be subject to mandatory redemption <br /> prior to their stated maturity in part by lot on February 1, 2009 in the principal amount of <br /> $55,000 at a price equal to the principal amount thereof to be redeemed plus accrued interest to <br /> the date of redemption. Bonds maturing on February 1, 2012, shall be subject to mandatory <br /> redemption prior to their stated maturity in part by lot on February 1, 2011 in the principal <br /> amount in the principal amount of$60,000 at a price equal to the principal amount thereof to be <br /> redeemed plus accrued interest to the date of redemption. Bonds maturing on February 1, 2014, <br /> shall be subject to mandatory redemption prior to their stated maturity in part by lot on February <br /> 1, 2013 in the principal amount of$65,000 at a price equal to the principal amount thereof to be <br /> redeemed plus accrued interest to the date of redemption. <br /> At least thirty days prior to the date set for redemption of any Bond, notice of the <br /> call for redemption will be mailed to the Bond Registrar and to the registered owner of each <br /> Bond to be redeemed at his address appearing in the Bond Register,but no defect in or failure to <br /> give such mailed notice of redemption shall affect the validity of the proceedings for the <br /> redemption of any Bond not affected by such defect or failure. Official notice of redemption <br /> having been given as aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on <br /> the redemption date, become due and payable at the redemption price herein specified and from <br /> and after 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 of any Bond, <br /> a new Bond or Bonds will be delivered to the registered owner without charge, representing the <br /> remaining principal amount outstanding. <br /> The Bonds have been designated by the City as "qualified tax-exempt obligations" <br /> pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. <br /> As provided in the Resolution and subject to certain limitations set forth therein, <br /> this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, <br /> by the registered owner hereof in person or by his attorney duly authorized in writing upon <br /> surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br /> duly executed by the registered owner or his attorney; and may also be surrendered in exchange <br /> -4- <br />