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issued to the registered owner, without charge therefor, for the then unredeemed balance of the <br /> principal amount thereof, a new Bond or Bonds, at the option of the registered owner, of like <br /> maturity and interest rate in any denomination authorized by this ordinance. <br /> B. Open Market Purchase. The City reserves the right to purchase any or all, of the <br /> Bonds on the open market at any time at any price. <br /> SECTION 4. Notice and Effect of Redemption Unless waived by the registered owner <br /> of Bonds to be redeemed or the nominee of such owner, official notice of any such redemption <br /> shall be given by the Bond Registrar on behalf of the City by mailing a copy of an official <br /> redemption notice by certified or registered mail, postage prepaid, not less than 30 nor more than <br /> 60 days prior to the date fixed for redemption, to the registered owner of the Bond or Bonds to <br /> be redeemed at the address shown on the Bond Register or at such other address as is furnished in <br /> writing by such registered owner to the Bond Registrar. <br /> All official notices of redemption shall be dated and shall state: <br /> (1) the redemption date; <br /> (2) the redemption price; <br /> (3) if less than all outstanding Bonds are to be redeemed, the identification (and, in the <br /> case of partial redemption, the respective principal amounts) of the Bonds to be redeemed; <br /> (4) that on the redemption date the redemption price will become due and payable <br /> upon each such Bond or portion thereof called for redemption, and that interest thereon shall <br /> cease to accrue from and after said date; and <br /> (5) the place where such Bonds are to be surrendered for payment of the redemption <br /> price, which place of payment shall be either of the principal offices of the Bond Registrar. <br /> Such notice of redemption shall be mailed within the same period, postage prepaid, to <br /> Moody's Investors Service, Inc. at its office in New York, New York, or its successor, to Seattle- <br /> Northwest Securities Corporation at its office in Seattle, Washington and to such other persons <br /> and with such additional information as the Finance Director shall deem appropriate, but such <br /> mailings shall not be a condition precedent to the redemption of the Bonds. <br /> -6- J:WWW HoMEi03r3cxDOc <br />