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July 21, 2003
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<br />Page 199
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<br /> Section 7. The various maturities of the Bonds will be subject to
<br />redemption prior ko their respective maturity as shall be designs=ed by the
<br />County Manager or!Finance Officer at the time of sale of the Bonds. All or
<br />any of the maturi~iss of the Bonds, as so designated by the County Manager or
<br />Finance Officer, ~ay be nonredeemahle prior to their stated maturity. If any
<br />of the Bonds a~e to be redeemable before their stated maturity, the
<br />provisions set fo~h in the remainder of this Section 7 shall apply; but such
<br />provisions shall !be inapplicable if none of the Bonds are subject to
<br />redemption prior ~o their stated maturity.
<br /> The Bonds ~aturing prior to March 1, 20__ will not be subject to
<br />redemption prior [to maturity. The Bonds maturing on March 1, 20__ and
<br />thereafter will b9 redeemable, at the option of the Issuer, from any ~oneys
<br />that may be made l available for such purpose, either in whole or in part on
<br />any date not earlier than March 1, 20__, at the principal amount of the Bonds
<br />to be redeemed, t~gether with interest accrued thereon to the date fixed for
<br />redemption, plus ~ redemption premium of 1/2 of 1% of the principal amount of
<br />each Bond to be r~deemed for each period of 12 months or part thereof between
<br />the redemption da~e and the maturity date of such Bond, such premlum not to
<br />exceed 2% of such ~rincipal amount.
<br /> If less thai all of the Bonds of any one maturity shall be called for
<br />redemption then stbJect to the sentence immediately following, the partIcular
<br />Bonds or portions of Bonds of such maturity to be redeemed shall be selected
<br />by lot in such manner as the Issuer in its discretion may determine;
<br />provided, however, that the portion of any Bond to be redeemed shall be in
<br />the principal amotnt of $5,000 or some whole multiple thereof and that, in
<br />selecting Bonds fear redemption, each Bond shall be considered as representing
<br />that number of Bends which is obtained by dividing the principal amount of
<br />such Bond by $5,0~10. So long as a book-entry system is used for determining
<br />beneficial ownersi~lp of Bonds, if less than all of the Bonds of any one
<br />maturity shall b~ called for redemption, the Securities Depository shall
<br />determine by lot ~the a~ount of interest of each direct participant of the
<br />Securities Deposi~ory in the Bonds within such maturity to be redeemed. If
<br />less than all of} the Bonds stated to mature on different dates shall be
<br />called for redem ~tion, the particular Bonds or portions thereof to be
<br />redeemed shall be called in such maturities and amounts of those maturities
<br />as shall be detere ined by the Issuer.
<br /> Not more th~ 60 days nor less =hen ~0 days before the redemption date
<br />of any Bonds to b~ redeemed, whether such redemption be in whole or in part,
<br />the Issuer shall ause a notice of such redemption to be filed with the Bond
<br />Registrar and to mailed, postage prepaid, to the registered owner of each
<br />Bond to be rede~ mad in whole or in part at the address of said owner
<br />appearing upon t~ ~ registration books of the Issuer~ provided, however, so
<br />long as a book-entry system is used for determining beneficial ownership of
<br />Bonds, such notic~ shall be given to the Securities Depository Nominee by
<br />certified or registered mail or by such other method as =he Issuer may
<br />dstermLne to be n~ceasary or advisable with the concurrence of the Securities
<br />Depository. Fail~re to mail such notice or any defect therein as to any Bond
<br />or portion thereo~ shall not affect the validity of the redemption as to any
<br />Bond or portion t~ereof for which such notice was given as required hereby.
<br />Bach such notice shall set forth the data designated for redemption, the
<br />redemption price ~;o be paid and the maturities of the Bonds to be redeemed.
<br />In the event that Certificated Bonds are outstanding, each such notice to the
<br />registered owners thereof shall also set forth, if less than all of the Bonds
<br />of any maturity~then outstanding shall be called for redemption, the
<br />distinctive number~ and letters, if any, of such Bonds to be redeemed and, in
<br />the case of any !Bond to be redeemed in part only, the portion of the
<br />principal amount ~hereof to be redeemed. If any Bond is ~o be redeemed in
<br />part only, the n~tice of redemption shall state also that on or after the
<br />redemption date, iupon surrender of such Bond, a new Bond or Bonds in
<br />principal amount e~ual =o the unredeemed portion of such Bond will be issued.
<br /> If any Bonds or portions thereof are to be redeemed, the Bond Regis=rat
<br />shall open a sepa rate account for the sole benefit of the bondholders whose
<br />Bonds are being redeemed, which account may be main~atned by the Bond
<br />Registrar or by a~ agent. On or before the date fixed for redemption, moneys
<br />shall be deposited with the Bond Registrar in its capacity as such for
<br />deposit in such a count to pay the principal of and the redemption premium,
<br />if any, on the Bo~ds or port~ons thereof called for redemption as well as the
<br />interest accruin9 :hereon to the redemption date thereof.
<br /> On the dat~ fixed for redemption, notice having been given in the
<br />manner and under ~he conditions herein&hove provided, the Bonds or portionK
<br />thereof so calledl for redemption shall be due and payable from the moneys
<br />required to be d~posited in such account at the redemption price provided
<br />therefor, plus accrued interest to such date. If moneys sufficient to pay
<br />the redemption pr%ce of the Bonds or portions thereof to be redeemed, plus
<br />accrued interest ~hereon to the date fixed for redemption, are held by the
<br />Bond Registrar in [such account in trust for the registered owners of Bonds or
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