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<br />Section 4. Prior Redemption. The Bonds maturing November 1, 2004 and <br />November 1, 2007 are subject to mandatory sinking fund redemption as specified in Exhibit <br />I. <br /> <br />Bonds maturing on or before November 1, 2002 are not subject to optional <br />prior redemption. Bonds maturing on and after November 1, 2003 are subject to redemption <br />prior to their respective maturities, at the option of the City, in whole, or in part in integral <br />multiples of $5,000, from such maturities as are selected by the City, and if less than all of <br />the Bonds of a maturity are to be redeemed by lot within a maturity in such manner as the <br />Registrar may determine, on November 1, 2002, or on any date thereafter at the redemption <br />prices set forth below (expressed as a percentage of the principal amount so redeemed) plus <br />interest thereon to the redemption date: <br /> <br />Redemotion Dates <br /> <br />Redemption <br />Prices <br /> <br />November 1, 2002 through October 31, 2003 102% <br />November 1, 2003 through October 31, 2004 101% <br />November 1, 2004 and thereafter 100% <br /> <br />In the case of Bonds of a denOmination larger than $5,000 a portion of such <br />Bonds ($5,000 or any integral multiple thereof) may be redeemed, in which case the <br />Registrar shall, without charge to the owner of such Bonds, authenticate and issue a <br />replacement Bond or Bonds for the unredeemed portion thereof. <br />Unless waived by the Registrar, the City shall give written instructions <br />concerning any prior redemption to the Registrar at least sixty days prior to such redemption <br />date. Notice of any redemption shall be given by the Registrar in the name of the City by <br />sending a copy of such notice by first-class mail, postage prepaid, not more than sixty days <br />and not less than thirty days prior to the redemption date to the Underwriter and to each <br />registered owner of any Bond all or a portion of which is called for prior redemption at his <br />address as it last appears on the registration books kept by the Registrar unless such notice <br />is waived by the Underwriter and such registered owner. Failure to give such notice by mail <br />to the registered owner of any Bond or to the Underwriter, or any defect therein, shall not <br />affect the validity of the proceedings for the redemption of any other Bonds. <br /> <br />-6- <br />