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<br /> The City reserves the. right to prepay on any
<br /> interest payment date on or after January 1, 1982 ,
<br /> the entire unpaid principal hereof, or, from time
<br /> to time, in inverse chronological order of principal
<br /> installments , may prepay such lesser portion in
<br /> multiples of $1,000 . 00 as the City may determine
<br /> of the unpaid principal amount thereof, plus accrued
<br /> interest to the date of such prepayment and a premium
<br /> as follows :
<br /> 3% if redeemed July 1, 1981 , to January 1 , 1985 , inclusive;
<br /> 2% if redeemed July 1, 1985 , to January 1 , 1988 , inclusive;
<br /> 1% if redeemed July 1, 1988 , to January 1, 1991, inclusive;
<br /> 0o if redeemed July 1, 1991, or thereafter.
<br /> So long as any "City of Everett Parking System Revenue
<br /> Bond, Series ( ) , " and "City of Everett Parking System
<br /> Revenue Bonds , Series C, " and any subsequently issued
<br /> series of parking system revenue bonds secured by a
<br /> parity of lien on the revenues of the Parking System
<br /> are outstanding, the calls or prepayment of such bond
<br /> or bonds shall be applied to each series of bonds on
<br /> an equal prorata basis (reflecting the proportion of
<br /> the original amount of each series of bonds outstanding
<br /> at the time of such call or prepayment) , and the
<br /> prepayment of this bond shall be in accordance with
<br /> the provisions above set forth; provided, however, that
<br /> the City shall have the right to call or prepay, subject
<br /> to the provisions of the respective bond series , any or
<br /> all outstanding bonds which may be called or prepaid
<br /> at par prior to calling or prepaying any bonds that are
<br /> callable at a premium.
<br /> So long as only this bond , the outstanding Series
<br /> ( ) Bond (s) and Series C Bonds are outstanding, each
<br /> $20 , 000 . 00 redemption of bonds shall consist of
<br /> $5 , 000 . 00 of the Series A Bond (s) , $5 ,000 .00 of the
<br /> Series B Bond (s) and $10 ,000 .00 of the Series C Bonds .
<br /> Notice of any such optional prepayment shall be
<br /> given at least thirty days prior to the prepayment
<br /> date by mailing to the registered owner of this bond
<br /> a notice fixing such prepayment date, the amount of
<br /> principal and the premium, if any, to be prepaid.
<br /> This bond may be assigned, and upon such assignment
<br /> the assignor shall promptly notify the City at the
<br /> office of the City Treasurer of the City of Everett,
<br /> Washington, by registered mail, and the Alternate Payee
<br /> shall surrender the same to the City Treasurer either
<br /> in exchange for a fully registered bond or for transfer
<br /> on the registration records and verification of the
<br /> endorsements made on the Payment Record attached hereto
<br /> of the portion of the principal amount hereof and
<br /> interest hereon paid or prepaid, and every such assignee
<br /> shall take this bond subject to such condition.
<br /> The City covenants and agree with the holder of
<br /> this bond that it will keep and perform all of the
<br /> covenants of this bond and of Ordinance No.
<br /> to be by it kept and performed.
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