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payment date (maturities to be chosen by the City and by lot within each maturity in such manner <br /> as the Bond Registrar shall determine), beginning July 1, 2003, at the respective redemption <br /> prices expressed below as a percentage of principal amount, plus accrued interest to date of <br /> redemption: <br /> On July 1, 2003 and January 1, 2004 101.0% <br /> On July 1, 2004 and thereafter 100.0% <br /> B. Mandatory Redemption of 1993 Bonds. The 1993 Bonds maturing in such <br /> year as shall be designated by resolution of the Council (which shall be deemed Term Bonds), <br /> shall be redeemed prior to maturity by lot (or paid at maturity), not later than July 1 in the years <br /> designated by such resolution, from amounts credited to the 1993 Sinking Fund Account in the <br /> Bond Fund to meet the sinking fund requirements therefor (to the extent such amounts have not <br /> been used to redeem or purchase such Bonds as provided in this Resolution) and in the principal <br /> amounts as designated by such resolution, upon written notice as provided in this Section, by <br /> payment of the principal thereof, together with the interest accrued thereon to the date fixed for <br /> redemption. <br /> The City may redeem Term Bonds through the application of part or all of the respective <br /> sinking fund requirements therefor on the first day of any month prior to any July 1 sinking fund <br /> requirement due date. Such moneys may also be used to purchase Term Bonds as provided in <br /> Section 6F hereof. Any moneys not so issued to redeem or to purchase such Term Bonds by such <br /> date shall be substantially exhausted by application to the redemption or purchase of such Bonds <br /> on the July 1 sinking fund requirement due date in the following fiscal year. If, as of any July 1, <br /> the principal amount of Term Bonds of any one series and maturity retired by purchase or <br /> redemption, from any source, exceeds the cumulative sinking fund requirements through such <br /> date for Term Bonds of such series and maturity, such excess may be credited against the sinking <br /> fund requirement for the last fiscal year for which a sinking fund requirement remains with respect <br /> to such maturity, or, if so determined by the City, may be credited, in whole or in part, against the <br /> -14- Fwwo4E.DOc 83/10/2e <br />