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- 4 - <br /> <br />Bonds shall mature on May 1 or November 1, or on both May 1 <br />and November 1, of such years and in such principal amounts <br />as shall be determined by the City Manager and shall be <br />subject-to optional and mandatory redemption by the City on <br />such dates and at such prices as shall be determined by the <br />City Manager at the time of the sale thereof. In connection <br />with .the sale of the Bonds, the City Manager is authorized <br />to execute on behalf of the City and to deliver to the <br />Underwriters a Bond Purchase Agreement setting forth the <br />terms and~conditions upon which the Bonds shall be sold to <br />the Underwriters. Anything herein to the contrary <br />notwithstanding, no Bonds shall be issued and sold to <br />provide for the refunding in advance of their stated <br />maturities the 1982 Refunded Public Utility Bonds or the <br />1985 Refunded Public Utility Bonds unless, as required by <br />Section 1(c) of the aforementioned resolution adopted by the <br />State Co~cil on March 27, 1987, at the time of the sale <br />thereof such Bonds qualify as refunding bonds issued to <br />accomplish a Type A Refunding meeting the criteria of Part <br />II.A. of the Guidelines. <br /> <br /> If any Bond (or any portion of the principal <br />amount thereof in installments of $5,000) shall be called <br />for redemption, notice of the redemption thereof, specifying <br />the date, number and maturity of such Bond, the date and <br />place or places fixed for its redemption, the premium, if <br />any, payable upon such redemption, and if less than the <br />entire principal amount of such Bond is to be redeemed, that <br />such Bond must be surrendered in exchange for the principal <br />amount thereof to be redeemed and a new Bond or Bonds issued <br />equalling in principal amount that portion of the principal <br />amount thereof not to be redeemed, shall be mailed no5 less <br />than thirty (30) days prior to the date fixed for redemption <br />by first class mail, postage prepaid, to the registered <br />holder of such Bond a~ his~address as it appears on the <br />books of registry kept by the Registrar and Paying Agent for <br />the Bonds to be hereinafter designated by the Council (the <br />"Registrar"), as of the close of business on the forty-fifth <br />(45th) day preceding the date fixed for redemption. If <br />notice of the redemption of any Bond shall have been given <br />as aforesaid, and payment of the principal amount of such <br />Bond (or the portion of the principal amount thereof to be <br />redeemed) and of the accrued interest and premium, if any, <br />payable upon such redemption shall have been duly made or <br />provided for, interest on such Bond shall cease to accrue <br />from and after the date so specified for the redemption <br />thereof. <br /> <br /> 2. The principal of and premium, if any, and <br />interest on the Bonds shall be payable in such coin or <br />currency of the United States of America as at the respec- <br />tive dates of payment is legal tender for public and private <br />debts. The principal of and premium, if any, on the Bonds <br />shall be payable at the principal corporate trust office of <br /> <br /> <br />