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e e scheduled payment date of the past due interest (which shall be IS days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail. first class, postage prepaid. to the address of each registered owner of a Bond appearing on the books of the Paying Agenl/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. The City covenants with the registered owner of this Bond that no later than each principal payment date and interest payment date for this Bond it will make available to the Paying Agent/Registrar the amounts required to provide for the payment. in immedialely available funds by wire transfer or other means acceptable to the Paying AgentlRegistrar, of all principal of and interest on the Bonds. when due. in the manner set forth in the ordinance authorizing the issuance of this Bond adopted by the City Council of the City on _' 1994 (the "Ordinance"). IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, a Sunday, a legal holiday, or a day on which banking institutions in the city where the Paying Agenl/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking instimtions are authorized to close: and payment on such date shall have the same force and effect as if made on the original date payment was due. TInS BOND is one of a series of bonds of like tenor and effect. except as to denomination, number. maturity, interest rate, and right of prior redemption, issued in the aggregate principal amount of $2,490,000 for the purpose of providing funds to refund the Refunded Obligations named in the Ordinance and to pay costs of issuance. THE BONDS of this Series scheduled to mature on and after March 15.2003 may be redeemed prior to their scheduled maturities, in whole. or in part in principal amounts of $5,000 or any integral multiple thereof, at the option of the City, on March 15.2002, or on any date selected by the City thereafter. at the redemption price of the par value plus accrued interest to the date fIXed for redemption. If less than all of the Bonds are to be redeemed by the City, the City shall determine the maturity or maturities and the amounts therewith to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds. or portions thereof, within such maturity or maturities and in such principal amounts. for redemption. AT LEAST 30 days prior to the date for any such redemption, a notice of such redemption shall be sent by the Paying Agenl/Registrar by United States mail, first class, postage prepaid. to the registered owner of each Bond. or portion thereof to be redeemed. at its address as it appeared on the Registration Books on the 45th day prior to such redemption date and to major securities depositories, national bond rating agencies. and bond infonnation services: provided. however. that the failure to send, mail, or receive such notice, or any defect therein or in the sending or mailing thereof. shall not affect the validity or effectiveness of the proceedings for the redemption of any Bond. By the date fixed for any such redemption, due provision shall be made by the Issuer with the Paying Agenl/Registrar for the payment of the required redemption price for this Bond or the portion hereof which is to be so redeemed, plus accrued interest thereon to the date fIXed for redemption. If such notice of redemption is given, and if due provision for such payment is made, all as provided above. this Bond. or the portion thereof which is to be so redeemed, thereby automatically shall be redeemed prior to its scheduled maturity, and shall not bear interest after the date fIXed for its redemption. and shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price plus accrued interest to the date fIXed for redemption from the Paying Agent/Registrar out of the funds provided for such payment. The Paying Agent/Registrar shall record in the Registration Books all such redemptions of principal of this Bond or any portion hereof. If a ponion of any Bond shall be redeemed. a substitute Bond or Bonds having the same maturity date. bearing interest at the same rate. in any denomination or denominations in any integral multiple of $5.000, at the written request of the registered owner. and in an aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon the surrender thereof for cancellation. at the expense of the Issuer, all as provided in the Ordinance. 5