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In the event that any Bonds maturing in the years 2028, 2030, 2032, or 2034 are redeemed <br />pursuant to (a) above by the City and canceled by the Registrar, the Bonds maturing in the years <br />2028, 2030, 2032, or 2034 so redeemed and canceled may be applied by the City as a credit <br />against the Bonds to be redeemed pursuant to this subsection (b), such credit to be equal to the <br />principal amount of the Bonds maturing in the years 2028, 2030, 2032, or 2034 so redeemed or <br />canceled provided that the City has notified the Registrar not less than thirty -five (35) days prior <br />to the redemption date of its election to apply such Bonds as a credit. <br />At least thirty days prior to the date set for redemption of any Bond, the City shall cause <br />notice of the call for redemption to be mailed to the Registrar and to the registered owner of each <br />Bond to be redeemed, but no defect in or failure to give such mailed notice of redemption shall <br />affect the validity of proceedings for the redemption of any Bond not affected by such defect or <br />failure. The notice of redemption shall specify the redemption date, redemption price, the <br />numbers, interest rates and CUSIP numbers of the Bonds to be redeemed and the place at which <br />the Bonds are to be surrendered for payment, which is the principal office of the Registrar. <br />Official notice of redemption having been given as aforesaid, the Bonds or portions thereof so to <br />be redeemed shall, on the redemption date, become due and payable at the redemption price <br />therein specified and from and after such date (unless the City shall default in the payment of the <br />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 />3.06. Preparation and Delivery. The Bonds shall be prepared under the direction of the <br />City Manager and shall be executed on behalf of the City by the signatures of the Mayor and the <br />City Manager, provided that said signatures may be printed, engraved, or lithographed facsimiles <br />thereof. In case any officer whose signature, or a facsimile of whose signature, shall appear on <br />the Bonds shall cease to be such officer before the delivery of any Bond, such signature or <br />facsimile shall nevertheless be valid and sufficient for all purposes, the same as if such officer <br />had remained in office until delivery. Notwithstanding such execution, no Bond shall be valid or <br />obligatory for any purpose or entitled to any security or benefit under this Resolution unless and <br />until a certificate of authentication on such Bond has been duly executed by the manual signature <br />of an authorized representative of the Registrar. Certificates of authentication on different Bonds <br />need not be signed by the same representative. The executed certificate of authentication on <br />each Bond shall be conclusive evidence that it has been authenticated and delivered under this <br />Resolution. When the Bonds have been so executed and authenticated, they shall be delivered <br />by the City Manager to the Purchaser upon payment of the purchase price in accordance with the <br />contract of sale heretofore made and executed, and the Purchaser shall not be obligated to see to <br />the application of the purchase price. <br />4852- 7706 - 1987\2 <br />