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<br /> (e) Each replacement Bond delivered in accordance with this <br /> Section shall constitute an original contractual obligation of the <br /> City and shall be entitled to the benefits and security of this <br /> Ordinance to the same extent as the Bond or Bonds in lieu of which <br /> such replacement Bond is delivered. <br /> ARTICLE IV <br /> REDEMPTION OF BONDS BEFORE MATURITY <br /> Section 4.01. Limitation on Redemption. <br /> The Bonds shall be subject to redemption before scheduled <br /> maturity only as provided in this Article IV. <br /> Section 4.02. Optional Redemption. <br /> <br /> (a) The City reserves the option to redeem Bonds maturing <br /> on and after January 1, 2002, in whole or in part, before their <br /> scheduled maturity date, on January I, 2001, or on any date <br /> thereafter (such redemption date or dates to be fixed by the City) <br /> at a price equal to the principal amount of the Bonds called for <br /> redemption plus accrued interest from the most recent interest <br /> payment date on which interest has been paid or duly provided for to <br /> the redemption date. <br /> (b) The City, at least 45 days before the redemption date <br /> (unless a shorter period shall be satisfactory to the Paying <br /> Agent/Registrar), shall notify the Paying Agent/Registrar of such <br /> redemption date and of the principal amount of Bonds to be redeemed. <br /> Section 4.03. Partial Redemption. <br /> <br /> (a) If less than all of the Bonds are to be redeemed, the <br /> City shall determine the amounts thereof to be redeemed and shall <br /> direct the Paying Agent/Registrar to call by lot Bonds, or portions <br /> thereof within such maturity and in such principal amounts, for <br /> redemption. <br /> (b) A portion of a single Bond of a denomination greater <br /> than $5,000 may be redeemed, but only in a principal amount equal to <br /> $5,000 or any integral multiple thereof. The Paying Agent/Registrar <br /> shall treat each $5,000 portion of the Bond as though it were a <br /> single Bond for purposes of selection for redemption. <br /> (c) Upon surrender of any Bond for redemption in part, the <br /> Paying Agent/Registrar, in accordance with Section 3.06 of this <br /> Ordinance, shall authenticate and deliver an exchange Bond or Bonds <br /> in an aggregate principal amount equal to the unredeemed portion of <br /> the Bond so surrendered. <br /> 4322f <br /> -13- <br />