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Seattle, Washington, and New York, New York, at the option of <br /> such owners . <br /> Bonds maturing on June 1, 1988 , through June 1, 1997 , <br /> inclusive, shall not be subject to redemption prior to their <br /> stated maturity dates . The City reserves the right and option <br /> to redeem Bonds maturing on or after June 1, 2003 (the "Term <br /> Bonds" ) , prior to their stated maturity dates in whole or in <br /> part in numerical order on any interest payment date, at par <br /> plus accrued interest , except no more than $200 , 000 in principal <br /> amount may be redeemed in each of the years 1988 through 1992 , <br /> inclusive . Such Term Bonds shall be called whenever there shall <br /> be sufficient money in the Bond Fund to pay the Bonds so called <br /> over and above the amount required for the payment of principal <br /> and interest due on all Bonds maturing on such date and the <br /> interest on all unpaid Bonds . <br /> Notice of call of any Term Bonds shall be given by mailing, <br /> not less than 15 nor more than 30 days prior to the date fixed <br /> for redemption, notice of such redemption by first class mail , <br /> postage prepaid, to the registered owner of any Bond to be <br /> redeemed at the address appearing on the Bond Register . The <br /> requirements of this section shall be deemed to be complied with <br /> when notice is mailed as herein provided whether or not it is <br /> actually received by the owner of any Bond. The interest on the <br /> Term Bonds so called for redemption shall cease on the date <br /> fixed for redemption unless such Term Bond or Bonds so called <br /> are not redeemed upon presentation made pursuant to such call . <br /> - 4 - <br />