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amount of the Bonds numbered 1512 to 3200 inclusive which <br /> are outstanding on July 1, 2002 . <br /> 3 . Beginning with the month of July, 2003, and <br /> continuing through the month of June, 2004, an amount equal <br /> to one-twelfth of the lesser of $1,295, 000 or the principal <br /> amount of the Bonds numbered 1512 to 3200 inclusive which <br /> are outstanding on July 1, 2003 . <br /> 4. Beginning with the month of July, 2004, and <br /> continuing through the month of June, 2005, an amount equal <br /> to one-twelfth of the lesser of $1, 465, 000 or the principal <br /> amount of the Bonds numbered 1512 to 3200 inclusive which <br /> are outstanding on July 1, 2004. <br /> 5 . Beginning with the month of July, 2005, and <br /> continuing through the month of June, 2006, an amount equal <br /> to one-twelfth of the lesser of $1, 655, 000 or the principal <br /> amount of the Bonds numbered 1512 to 3200 inclusive which <br /> are outstanding on July 1, 2005 . <br /> 6. Beginning with the month of July, 2006, and <br /> continuing through the month of June, 2007, an amount equal <br /> to one-twelfth of the lesser of $1, 870, 000 or the principal <br /> amount of the Bonds numbered 1512 to 3200 inclusive which <br /> are outstanding on July 1, 2006. <br /> The amounts set aside pursuant to the foregoing amortization <br /> schedule shall be applied to the redemption of the then outstand- <br /> ing 2007 Term Bonds. The Bonds numbered 1512 to 3200 inclusive <br /> shall be called by lot on July 1 of each year beginning on <br /> July 1, 2002, in accordance with the schedule set forth in <br /> Section 4 of this ordinance and the City Treasurer is hereby <br /> instructed to give notices of such redemptions pursuant to <br /> Section 4 of this ordinance. <br /> The City further covenants and agrees that in the event it <br /> issues any Future Parity Term Bonds, it will provide in each <br /> -12- <br />