Agenda - Economic Development Authority - 05/24/2005

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the relevant Regular Record Dates according to the terms of such Bonds and the provisions of Section 2.05, and the notice of redemption herein provided for may so state. If redemption moneys are available for the payment of all of the Bonds duly called for redemption on the redemption date, the Bonds so called shall cease to draw interest after the redemption date, and such Bonds shall not be deemed to be Outstanding hereunder for any purpose, except that the Holders thereof, on presentation, as herein provided, shall be entitled to receive payment of the redemption price thereof from the moneys set aside by the Trustee as aforesaid. Section 3.06 Cancellation of Redeemed Bonds. All Bonds so redeemed, shall forthwith be cmmelled and destroyed by the Trustee; and no further Bonds shall be executed or authenticated or issued hereunder in exchange or substitution therefor. Section 3.07 Partial Redemption of Bonds. If less than all of the Bonds of a particular matut-ity at the time Outstanding are to be called for prior redemption, the mount of Bonds or po[~ions thereof of such maturity to be redeemed shall be selected by the Issuer at the direction ~>~' the City, provided that within any particular maturity, the Bonds to be redeemed shall be selected by the Trustee in such manner as the Trustee, in its discretion, may determine. The Trustee shall call for redemption in accordance with the foregoing provisions as many Bonds or portions thereof as will, as nearly as practicable, exhaust the moneys available therefor. Particular Bonds or portions thereof shall be redeemed only in integral multiples of principal amount of $5,000. In the case of Bonds of denominations greater than $5,000, if less than'ali of such Bonds cfa given stated maturity then Outstanding are to be called for redemption, then for all purposes in crmnection with redemption each $5,000 of principal amoun:t of such Bonds shall be treated as though it were a separate Bond of the denomination orS,000 bearing one of the numbers borne by such Bond. If it is determined that one or more, but not all of the $5,000 units of principal t~mount represented by any such Bond is to be called for redemption, then upon notice of intention to redeem such $5,000 unit or units, the Holder of'such Bond surrender such Bond to thc Trustee ( 1 ) for payment of the redemption price (including the redemption premium, if any, m~d interest to date fixed for redemption) of the $5,000 unit or units of principal mount called iior redemption and (2) exchange for a new Bond or Bonds of the aggregate principal amount of ~he unredeemed balance of the principal mount of such Bond, which shall be executed, anthenticated and delivered to the Holder thereof without charge therefor. If the Holder of any su~;h Bond of a denomination greater than $5,000 shall fail to present such Bond to the Trustee ~or payment and exchange as aforesaid, such Bond shall nevertheless become due and payable on the date fixed for redemption to the extent of the $5,000 unit or units of principal amount called for redemption (and to that extent only). Interest shall cease to accrue on the portion of the principal amount of such Bond represented by such $5,000 unit or units of principal amount on ~md after the date fixed for redemption, provided that funds sufficient for the payment of the redemption price shall have been deposited with the Trustee and shall be available for the redemption of said $5,000 unit or units on the date fixed for redemption, and in such event, such B~)nd shall not be entitled to the benefit or security of this Indenture to the extent of the portion c~l: its principal amount (and accrued interest thereon to the date fixed for redemption and applicable premium, i£any) represented by such $5,000 unit or units of principal mount.