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<br />Period <br />(both dates inclusive) <br /> <br />Redemption <br />Price <br /> <br />November 1, 1996 through October 31, 1997 <br />November 1, 1997 through October 31, 1998 <br />November 1, 1998 and thereafter <br /> <br />102% <br />101% <br />100% <br /> <br />plus accrued interest to the date of redemption. <br /> <br />(b) Mandatory Redemption. The Bonds, maturing in the years 2006 and <br />2016, shall be subject to mandatory redemption prior to maturity in part by lot, at <br />100% of the principal amount thereof plus accrued interest to the date of <br />redemption on November 1 in the years and principal amounts shown below: <br /> <br />Bonds due November 1. 2006 Bonds due November 1. 2016 <br />Date Amount Date Amount <br />2000 $405,000 2007 $670,000 <br />2001 435,000 2008 725,000 <br />2002 470,000 2009 780,000 <br />2003 505,000 2010 840,000 <br />2004 540,000 2011 900,000 <br />2005 585,000 2012 970,000 <br />2006 (Maturity) 625,000 2013 1,040,000 <br /> 2014 1,120,000 <br /> 2015 1,205,000 <br /> 2016 (Maturity) 1,300,000 <br /> <br />The principal amount of the Bonds required to be redeemed pursuant to the <br />operation of such mandatory redemption requirements shall be reduced, at the <br />option of the City, by the principal amount of any Bonds which, at least SO days <br />prior to the mandatory redemption date, (1) shall have been acquired by the City at <br />a price not exceeding the principal amount of such Bonds plus accrued interest to <br />the date of purchase thereof, and delivered to the Paying Agent/Registrar for <br />cancellation, (2) shall have been purchased and cancelled by the Paying <br />Agent/Registrar at the request of the City at a price not exceeding the principal <br />amount of such Bonds plus accrued interest to the date of purchase, or (3) shall have <br />been redeemed pursuant to the optional redemption provisions and not theretofore <br />credited against a mandatory redemption requirement. <br /> <br />(c) Exercise of Option. At least 45 days prior to a date set for <br />redemption of Bonds (unless a shorter notice shall be satisfactory to the Paying <br />Agent/Registrar) the City shall notify the Paying Agent/Registrar of the date set <br />for such redemption and the principal amount of Bonds of each Stated Maturity to <br />be redeemed. The City's decision to exercise its option to redeem any Bonds shall be <br />entered in the official minutes of its governing body. <br /> <br />1O37f <br /> <br />-4- <br />