2014-04 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS

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Section 7. Term Bonds, Mandatory Redemption and Covenants. The Bonds may be subject to mandatory redemption (as Term Bonds) as provided in the 3ond Notification; provided, however, that in such event the amounts due as provided for un er such mandatory redemption shall be the amount set forth in Section (4) of this Ordinance for the maximum amount of principal due on the Bonds in any given period. Bonds designated as Term Bonds shall be made subject to mandatory redemption by operation of the Bond Fun at a price of not to exceed par and accrued interest, without premium, on a given date of th years and in the amounts as shall be determined in the Bond Notification. The City covenants that it will redeem Term Bonds pursuant to the ma datory redemption requirement for such Term Bonds. Proper provision for mandatory redemption having been made, the City covenants that the Term Bonds so selected for redemption sh ill be payable as at maturity, and taxes shall be levied and collected as provided herein accordingly. Section 8. Optional Redemption. All or a portion of the Bonds, if any, may be subject to redemption prior to maturity at the option of the City, from any available ftmds, in whole or in part, on any date on or after the date provided in the Bond Notification (not iater than March 1, 2024) and if in part, in such order of maturities (and, if applicable, order of mandatory redemption payments) as shall be specified in the Bond Notification, and if less than an entire maturity, in integral multiples of $5,000, selected by lot by the Bond Regi trar as hereinafter provided, at the redemption price of par plus accrued interest to the redemption date. Section 9. Term Bonds Purchase or Redemption. If the City re Jeems pursuant to optional redemption as hereinabove provided or purchases Term Bonds of any maturity and cancels the same from Bond Moneys (as defined in Section 13 of this Ordinance), then an amount equal to the principal amount of Term Bonds so redeemed or f urchased shall be deducted from the mandatory redemption requirements provided for Te Bonds of such -9-