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<br />principal office of the Paying Agent or Bond Registrar is authorized or required by law to <br />remain closed. <br />The principal of, premium if any, and interest on the Bonds shall be paid ill <br />accordance with the terms of the Paying Agent and Registrar Agreement. <br />Section 6. Prior Redemotion. Bonds maturing on and after December 1, 199_, are <br />subject to redemption prior to maturity, at the option of the City, as a whole or in integral <br />multiples of $5,000, in any order of maturity, on December 1, 199_, and on any date <br />thereafter, upon payment of par, accrued interest, and a premium of _ % of the principal <br />amount so redeemed. <br />The prior redemption of Bonds pursuant to the above paragraph shall be made only <br />from and to the extent of funds on deposit and available for such purpose on the date the <br />notice of redemption is mailed. The foregoing restriction shall not apply to mandatory sinking <br />fund redemption as set forth below, nor shall such restriction apply to the redemption of <br />Bonds from the proceeds of obligations issued to refund the Bonds. <br />Bonds maturing on December 1 , , also are subject to mandatory sinking fund <br />redemption, in part, by lot, on December 1, _, and on each December 1 thereafter prior <br />to the maturity date of such Bonds, upon payment of par and accrued interest, without <br />redemption premIUm, in the annual amounts set forth below: <br />RedemPtion Amount <br /> <br />On or before forty-five (45) days prior to each sinking fund installment date, the Bond <br />Registrar shall select for redemption, by lot in such manner as the Bond Registrar may <br />determine, from the outstanding Bonds maturing on December 1, _, a principal amount <br />of such Bonds equal to the applicable sinking fund installment. The amount of the applicable <br />sinking fund installment may be reduced by the principal amount of any Bonds maturing on <br />December I, _, which prior to said date have been redeemed (otherwise than through the <br />operation of the sinking fund) and cancelled and not theretofore applied as a credit against <br /> <br />-12- <br />