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If there exists a default in payment of interest due on any Interest Payment Date, interest will be payable on a payment date established by the Trustee to the persons in whose names the Bonds are registered at the close of business on a special record date for the payment of such defaulted interest established by notice mailed by the Trustee to the registered Owners of the Bonds not less than 15 days preceding such special record date. Principal of and premium (if any) on any Bond will be paid upon presentation and surrender thereof at the Principal Corporate Trust Office of the Trustee. Both the principal of and interest and premium (if any) on the Bonds will be payable in lawful money of the United States of America. Calculation of Interest. The Bonds will be dated the Closing Date and bear interest based on a 360-day year comprised of twelve 30-day months from the Interest Payment Date next preceding the date of authentication thereof, unless said date of authentication is an Interest Payment Date, in which event such interest is payable from such date of authentication, and unless said date of authentication is prior to May 15, 2020, in which event such interest is payable from the Closing Date; provided, however, that if, as of the date of authentication of any Bond, interest thereon is in default, such Bond will bear interest from the date to which interest has previously been paid or made available for payment thereon in full. Redemption Optional Redemption. The Bonds maturing on or before June 1, 20 are not subject to optional redemption prior to maturity. The Bonds maturing on June 1, 20 and thereafter are subject to redemption prior to their stated maturity at the option of the City, as a whole or in part on any date, by such maturities as are selected by the City from any available source of funds on or after June 1, 20 at a redemption price equal to the principal amount of the Bonds to be redeemed, together with accrued interest thereon to the date fixed for redemption. Mandatory Sinking Fund Redemption. The Bonds maturing June 1, 20 are subject to redemption in part by lot, on June 1, in each year commencing June 1, 20 from Sinking Account payments made by the City into the Sinking Account, at a redemption price equal to the principal amount to be redeemed, without premium, in the aggregate respective principal amounts and on June 1 in the respective years set forth in the following table, or in lieu thereof may be purchased as described below. See "— Purchase in Lieu of Redemption." If some but not all of the Bonds have been optionally redeemed, the total amount of all future sinking account payments with respect to the Bonds of a particular maturity will be reduced by the aggregate principal amount of the Bonds of such maturity so redeemed or purchased, to be allocated among such sinking fund payments in integral multiples of $5,000 as determined by the City. The Sinking Account payments applicable to the Bonds maturing June 1, 20 are as follows: Sinking Fund Account Redemption Date Sinking Fund Payment June 1 Redeemed or Purchased Selection of Bonds for Redemption. Whenever provision is made in the Indenture for the optional redemption of less than all of the Bonds, the Trustee will select the Bonds to be redeemed from all Bonds or such given portion thereof not previously called for redemption, among maturities as directed by the City and by lot within a maturity in any manner which the Trustee in its sole discretion will deem appropriate and fair; provided, however, that if less than all of the Bonds are called for redemption at any one time, upon the written direction of the City, the City will specify a reduction in any pending Sinking Account payments. 55A-91