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of redemption, such notice may, at the option of the City, state that said redemption shall be <br /> conditional upon the receipt of such moneys by the Paying Agent on or prior to the date fixed for <br /> redemption. If such moneys are not received, such notice shall be of no force and effect, the City <br /> shall not redeem such Bonds, and the Bond Registrar shall give notice, in the same manner in <br /> which the notice of redemption shall have been given, that such moneys were not so received and <br /> that such Bonds will not be redeemed. Otherwise, prior to any redemption date, the City shall <br /> deposit with the Paying Agent an amount of money sufficient to pay the redemption price of all <br /> the Bonds or portions of Bonds which are to be redeemed on that date. <br /> Subject to the provisions for a conditional redemption described above, notice of <br /> redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed <br /> shall, on the redemption date, become due and payable at the redemption price therein specified, <br /> and from and after such date (unless the City shall default in the payment of the redemption price) <br /> such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for <br /> redemption in accordance with said notice, such Bonds shall be paid by the Paying Agent at the <br /> redemption price. The procedure for the payment of interest due as part of the redemption price <br /> shall be as herein provided for payment of interest otherwise due. Upon surrender for any partial <br /> redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of <br /> like tenor,of authorized denominations,of the same maturity, and bearing the same rate of interest <br /> in the amount of the unpaid principal. <br /> If any Bond or portion of a Bond called for redemption shall not be so paid upon surrender <br /> thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the <br /> redemption date at the rate borne by the Bond or portion of Bond so called for redemption. All <br /> Bonds which have been redeemed shall be cancelled and destroyed by the Bond Registrar and shall <br /> not be reissued. <br /> -15- <br />