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The Bonds maturing on and after November 1, 1996 (or portions thereof in installments of $5,000) shall be subject to redemption at the option of the City prior to thei~ stated maturities on or afte~ November 1, 1995, in whole at any time, or in part f~om time to time on any interest payment date in any orde~ determined by the City (except that if less than all of the Bonds of a given maturity are called for ~edemption, the particula~ Bonds of such maturity or portions thereof in installments of $5,000 to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds (or portions thereof in installments of $5,000) to be redeemed, together with the interest accrued thereon to the date fixed fo~ redemption plus a premium of one-quarter of one percent (1/4 of 1%) of the principal amount of each Bond to be redeemed for each twelve (12) month Deriod or fraction thereof between the date fixed for redemption and the stated maturity date of such Bond. If any Bond (or any portion of the principal amount thereof in installments of $5,000) shall be called for redemption, notice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its ~edemption, the premium, if any, payable upon such redemption, and if less than the enti~e principal amount of such Bond is to be ~edeemed, that such Bond must be surrendered in exchange for the principal amount thereof to be redeemed and a new Bond or Bonds issued equalling in principal amount that portion of the principal amount thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail to the ~egistered holder of such Bond at his address as it appears on the books of ~egistry kept by Bank of Virginia Trust Company, in the City of Richmond, Virginia, the Registrar for the Bonds (the "Registrar"), as of the close of business on the forty-fifth (45th) day p~eceding the date fixed for redemption. If notice of the redemption of any Bond shall have been given as aforesaid, and payment of the p~lncipal amount of such Bond (o~ the portion of the principal amount thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made or provided fo~, interest on such Bond shall cease from and afte~ the date so specified for the redemption thereof. 2. The p~incipal of and premium, if any, and interest on the Bonds shall be payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender fo~ public and p~ivate debts. The principal of and premium, if any, on the Bonds shall be payable at the principal office of the Registrar. The interest on the Bonds shall be paid by check mailed by the Registra~ to the holders of record of the Bonds as of the fifteenth (15th) day of the calendar month next preceding each interest payment date.