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completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful <br /> proposers. The Mayor and City Clerk are authorized to execute a contract with the Purchaser on <br /> behalf of the City. <br /> 1.03. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell <br /> the Bonds pursuant to the Act in the total principal amount of$10,000,000, originally dated August <br /> 21, 2014, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, <br /> upward, bearing interest as above set forth, and maturing serially on February 1 in the years and <br /> amounts as follows: <br /> Year Amount Year Amount <br /> 2016 $400,000 2025 $480,000 <br /> 2017 405,000 2026 490,000 <br /> 2018 415,000 2027 500,000 <br /> 2019 420,000 2028 520,000 <br /> 2020 430,000 2029 530,000 <br /> 2021 440,000 2030 550,000 <br /> 2022 450,000 2034 2,395,000 <br /> 2023 455,000 2035 655,000 <br /> 2024 465,000 <br /> 1.04. Optional Redemption. The City may elect on February 1,2022, and on any day <br /> thereafter to prepay Bonds due on or after February 1, 2023. Redemption may be in whole or in <br /> part and if in part, at the option of the City and in such manner as the City will determine. If less <br /> than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in <br /> Section 7 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by <br /> lot the amount of each participant's interest in such maturity to be redeemed and each participant <br /> will then select by lot the beneficial ownership interests in such maturity to be redeemed. <br /> Prepayments will be at a price of par plus accrued interest. <br /> 1.05. Mandatory Sinking Fund Redemption. The Bonds maturing in the year 2034 are <br /> subject to mandatory sinking fund redemption on February 1 of the following years in the following <br /> principal amounts: <br /> Year Principal Amount <br /> 2031 $570,000 <br /> 2032 585,000 <br /> 2033 610,000 <br /> 2034* 630,000 <br /> * Maturity <br /> The principal amounts of the Bonds subject to mandatory sinking fund redemption on any date may <br /> be reduced through earlier optional redemptions, with any partial redemptions of such Bonds <br /> 445655v4 JSB EL 185-27 2 <br />