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July 21, £003 Page 199
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<br /> Section 7. The various maturities of the Bonds will be subject to
<br />redemption prior to their respective maturity as shall be designated by the
<br />County Manager or Finance Officer at the time of sale of the Bonds. All or
<br />any of the maturities of the Bonds, as so designated by the County Manager or
<br />Finance Officer, may be nonredeemable prior to their stated maturity. If any
<br />of the Bonds are to be redeemable before their stated maturity, the
<br />provisions set forth 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 to their stated maturity.
<br /> The Bonds maturing 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 be redeemable, at the option of the Issuer, from any moneys
<br />that may be made 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, together with interest accrued thereon to the date fixed for
<br />redemption, plus a redemption premium of 1/2 of 1% of the principal amount of
<br />each Bond to be redeemed for each period of 12 months or part thereof between
<br />the redemption date and the maturity date of such Bond, such premium not to
<br />exceed 2% of such principal amount.
<br /> If less than all of the Bonds of any one maturity shall be called for
<br />redemption then subject 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 amount of $5,000 or some whole multiple thereof and that, in
<br />selecting Bonds for redemption, each Bond shall be considered as representing
<br />that number of Bonds which is obtained by dividing the principal amount of
<br />such Bond by $5,000. So long as a book-entry system is used for determining
<br />beneficial ownership of Bonds, if less than all of the Bonds of any one
<br />maturity shall be called for redemption, the Securities Depository shall
<br />determine by lot the amount of interest of each direct participant of the
<br />Securities Depository 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 redemption, 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 determined by the Issuer.
<br /> Not more than 60 days nor less than 30 days before the redemption date
<br />of any Bonds to be redeemed, whether such redemption be in whole or in part,
<br />the Issuer shall cause a notice of such redemption to be filed with the Bond
<br />Registrar and to be mailed, postage prepaid, to the registered owner of each
<br />Bond to be redeemed in whole or in part at the address of said owner
<br />appearing upon the 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 notice shall be given to the Securities Depository Nominee by
<br />certified or registered mail or by such other method as the Issuer may
<br />determine to be necessary or advisable with the concurrence of the Securities
<br />Depository. Failure to mail such notice or any defect therein as to any Bond
<br />or portion thereof shall not affect the validity of the redemption as to any
<br />Bond or portion thereof for which such notice was given as required hereby.
<br />Each such notice shall set forth the date designated for redemption, the
<br />redemption price to 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 numbers 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 thereof to be redeemed. If any Bond is to be redeemed in
<br />part only, the notice of redemption shall state also that on or after the
<br />redemption date, upon surrender of such Bond, a new Bond or Bonds in
<br />principal amount equal to the unredeemed portion of such Bond will be issued.
<br /> If any Bonds or portions thereof are to be redeemed, the Bond Registrar
<br />shall open a separate account for the sole benefit of the bondholders whose
<br />Bonds are being redeemed, which account may be maintained by the Bond
<br />Registrar or by an 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 account to pay the principal of and the redemption premium,
<br />if any, on the Bonds or portions thereof called for redemption as well as the
<br />interest accruing thereon to the redemption date thereof.
<br /> On the date fixed for redemption, notice having been given in the
<br />manner and under the conditions hereinabove provided, the Bonds or portions
<br />thereof so called for redemption shall be due and payable from the moneys
<br />required to be deposited in such account at the redemption price provided
<br />therefor, plus accrued interest to such date. If moneys sufficient to pay
<br />the redemption price of the Bonds or portions thereof to be redeemed, plus
<br />accrued interest thereon to the date fixed for redemption, are held by the
<br />Bond Registrar in such account in trust fpr the registered owners of Bonds or
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