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Section 5. Redemption Prior to Maturity and Purchase of Bonds. <br />(a) Mandatory Redemption of Term Bonds and Optional Redemption. The <br />Bonds shall be subject to mandatory redemption to the extent, if any, set forth in the <br />Sale Document and as approved by the Designated Representative pursuant to <br />Section 12. The Bonds shall be subject to optional redemption on the dates, at the <br />prices and under the terms set forth in the Sale Document approved by the Designated <br />Representative pursuant to Section 12. <br />(b) Purchase of Bonds. The City reserves the right to purchase any or all of the <br />Bonds offered to it at any time at a price deemed reasonable by the Finance Director <br />plus accrued interest to the date of purchase. <br />(c) Selection of Bonds for Redemption. For as long as the Bonds are held in <br />book-entry only form, the selection of particular Bonds within a maturity to be redeemed <br />shall be made in accordance with the operational arrangements then in effect at DTC. <br />If the Bonds are no longer held by a depository, the selection of such Bonds to be <br />redeemed and the surrender and reissuance thereof, as applicable, shall be made as <br />provided in the following provisions of this subsection (c). If the City redeems at any <br />one time fewer than all of the Bonds having the same maturity date, the particular <br />Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot (or <br />in such manner determined by the Bond Registrar) in increments of $5,000. In the case <br />of a Bond of a denomination greater than $5,000, the City and the Bond Registrar shall <br />treat each Bond as representing such number of separate Bonds each of the <br />denomination of $5,000 as is obtained by dividing the actual principal amount of such <br />Bond by $5,000. In the event that only a portion of the principal sum of a Bond is <br />redeemed, upon surrender of such Bond at the designated office of the Bond Registrar <br />there shall be issued to the Registered Owner, without charge therefor, for the then <br />unredeemed balance of the principal sum thereof, at the option of the Registered <br />Owner, a Bond or Bonds of like maturity and interest rate in any of the denominations <br />herein authorized. <br />(d) Notice of Redemption. <br />(1) Official Notice. For so long as the Bonds are held by a depository, notice <br />of redemption shall be given in accordance with the operational arrangements of DTC <br />as then in effect, and neither the City nor the Bond Registrar shall provide any notice of <br />redemption to any beneficial owners. The notice of redemption may be conditional. <br />Unless waived by any owner of Bonds to be redeemed, official notice of any such <br />redemption (which redemption may be conditioned by the Bond Registrar on the receipt <br />of sufficient funds for redemption or otherwise) shall be given by the Bond Registrar on <br />behalf of the City by mailing a copy of an official redemption notice by first class mail at <br />least 20 days and not more than 60 days prior to the date fixed for redemption to the <br />Registered Owner of the Bond or Bonds to be redeemed at the address shown on the <br />Bond Register or at such other address as is furnished in writing by such Registered <br />Owner to the Bond Registrar. <br />W: Word Processing\Ordinances\LTGO Bonds-Street improvements 5-31-17 <br />PM:bjs Page 8 of 16 <br />IN <br />