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<br /> u <br /> On or before forty-five (45) days prior to each sinking <br />fund installment date, the Bond Registrar shall select for <br />redemption, by lot in such manner as the Bond Registrar may <br />determine, from the outstanding Bonds maturing on August 15, 2007, <br />a principal amount of such Bonds equal to the applicable sinking <br />fund installment. The amount of the applicable sinking fund <br />installment may be reduced by the principal amount of any Bonds <br />maturing on Augu s t 15, 2007, which prior to said date have been <br />redeemed (otherwi se than through the operation of the sinking <br />fund) and cancelled and not theretofore applied as a credit <br />against a sinking fund installment. <br /> Bonds maturing on and after August 15, 1997, also are <br />subject to redemption prior to maturity, at the option of the <br />City, as a whole or in integ ral multiples of $5,000, in inverse <br />order of maturity, on August 15, 1996, and on any interest payment <br />date thereafter, upon payment of par, accrued interest, and a <br />premium of 1.00% of the principal amount so redeemed. <br /> If less than all of the Bonds within a maturity are to <br />be redeemed on any prior redemption date, the Bonds to be redeemed <br />shall be selected by lot not less than forty-five (45) days prior <br />to the date fixed for redemption, in such manner as the Bond <br />Registrar shall determine. The Bonds shall be redeemed only in <br />integral multiples of $5,000. In the eve n t a Bond is of a <br />denomination larger than $5,000, a portion of such Bond may be <br />redeemed, but only in the principal amount of $5,000 or any <br />in tegral mu 1 t i pI e thereof. Such Bond shall be treated for the <br />purpose of redempt i on as that number of Bonds which results from <br />dividing the principal amount of such Bond by $5,000. <br /> In the event any of the Bonds or portions thereof (which <br />shall be in amounts equal to $5,000 or any integral multiple <br />thereo f) are called for redemption as aforesaid, notice thereof <br />identifying the Bo nds or portions thereof to be redeemed will be <br />given by the Bond Registrar by mailing a copy of the redemption <br />notice by first class mail (postage prepaid), not less than thirty <br /> - 6 - <br />