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the owner of such Bonds with the same rights it would have if it <br /> were not thee Bond Registrar, and to the extent permitted by law, <br /> may act as depository for and permit any of its officers or <br /> directors to act as a member of, or in any other capacity with <br /> respect to, any committee formed to protect the rights of the <br /> owners of such Bonds . <br /> Section 7 . Redemption Prior to Maturity. <br /> A. Optional Redemption. The City hereby reserves the <br /> right to redeem the outstanding Project Bonds and Refunding Bonds <br /> maturing on or after July 1, 2003, in whole, or in part in <br /> inverse order of maturity (and by lot within each maturity in <br /> such manner as the Bond Registrar shall determine) , on the dates <br /> and at the redemption prices (expressed as a percentage of the <br /> principal amount thereof) set forth below together with accrued <br /> interest to the date of redemption, provided, that the City shall <br /> be in compliance with Section 11 .B (2) of this ordinance at the <br /> time of any such redemption: <br /> Redemption Date Price <br /> July 1, 2002 and January 1, 2003 101 . 0% <br /> July 1, 2003 and January 1, 2004 100 . 5 <br /> July 1, 2004 and thereafter 100 . 0 <br /> B. Mandatory Redemption of Project Bonds and <br /> Refunding Bonds . The Project Bonds and Refunding Bonds maturing <br /> in such year as shall be designated by resolution of the Council <br /> (which shall be deemed Term Bonds) , shall be redeemed prior to <br /> maturity by lot (or paid at maturity) , not later than July 1 in <br /> 23 Fwwoosooc svosm <br />