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shall determine. All or a portion of the principal amount of any Bond that is to be redeemed may be <br />redeemed in any Authorized Denomination. If less than all of the outstanding principal amount of <br />any Bond is redeemed, upon surrender of that Bond to the Bond Registrar, there shall be issued to the <br />Registered Owner, without charge, a new Bond (or Bonds, at the option of the Registered Owner) of <br />the same Series, maturity and interest rate in any Authorized Denomination in the aggregate principal <br />amount to remain outstanding. <br />(d) Notice of Redemption. Notice of redemption of each Bond registered in the name of <br />the Securities Depository shall be given in accordance with the Letter of Representations. Notice of <br />redemption of each other Bond, unless waived by the Registered Owner, shall be given by the Bond <br />Registrar not less than 20 nor more than 60 days prior to the date fixed for redemption by first-class <br />mail, postage prepaid, to the Registered Owner at the address appearing on the Bond Register on the <br />Record Date. The requirements of the preceding sentence shall be satisfied when notice has been <br />mailed as so provided, whether or not it is actually received by an Owner. In addition, the redemption <br />notice shall be mailed or sent electronically within the same period to the MSRB (if required under <br />the Undertaking), to each Rating Agency, and to such other persons and with such additional <br />information as the Finance Director shall determine, but these additional mailings shall not be a <br />condition precedent to the redemption of any Bond. <br />(e) Rescission of Optional Redemption Notice. In the case of an optional redemption, the <br />notice of redemption may state that the City retains the right to rescind the redemption notice and the <br />redemption by giving a notice of rescission to the affected Registered Owners at any time prior to the <br />scheduled optional redemption date. Any notice of optional redemption that is so rescinded shall be <br />A no effect, and each Bond for which a notice of optional redemption has been rescinded shall <br />remain outstanding. <br />(f) Effect of Redemption. Interest on each Bond called for redemption shall cease to <br />accrue on the date fixed for redemption, unless either the notice of optional redemption is rescinded <br />as set forth above, or money sufficient to effect such redemption is not on deposit in the Revenue <br />Bond Fund or in a trust account established to refund or defease the Bond. <br />(g) Purchase of Bonds. The City reserves the right to purchase any or all of the Bonds <br />offeIQ d to the City at any time at any price acceptable to the City plus accrued interest to the date of <br />purchase. <br />Section 10. Refunding or Defeasance of the Bonds. The City may issue refunding bonds <br />pursuant to State law or use money available from any other lawful source to carry out a refunding or <br />defeasance plan, which may include (a) paying when due the principal of and interest on any or all of <br />the Bonds (the "Defeased Bonds"); (b) redeeming the Defeased Bonds prior to their maturity; and <br />(c) paying the costs of the refunding or defeasance. If the City sets aside in a special trust fund or <br />escrow account irrevocably pledged to that redemption or defeasance (the "trust account"), money <br />and/or Government Obligations maturing at a time or times and bearing interest in amounts sufficient <br />to redeem, refund or defease the Defeased Bonds in accordance with their terms, then all right and <br />interest of the Owners of the Defeased Bonds in the covenants of this ordinance and in the funds and <br />accounts obligated to the payment of the Defeased Bonds shall cease and become void. Thereafter, <br />the Owners of Defeased Bonds shall have the right to receive payment of the principal of and interest <br />on the Defeased Bonds solely from the trust account and the Defeased Bonds shall be deemed no <br />longer outstanding. In that event, the City may apply money remaining in any fund or account (other <br />than the trust account) established for the payment or redemption of the Defeased Bonds to any <br />lawful purpose. Unless otherwise specified by the City in a refunding or defeasance plan, notice of <br />refunding or defeasance shall be given, and selection of Bonds for any partial refunding or <br />15 <br />