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SECTION 2.03. Redemption of 1994 Bonds. (a) (i) 1994 Bonds other than the ARS and IRS maturing on July 1 in the years 2005 through and including 2009, shall be subject to redemption, at the option of the Authority, on or after July 1, 2004, in whole at any time or in part (by lot within any maturity), on any Interest Payment Date, at the following redemption prices, plus accrued interest to the date fixed for redemption: Redemption Price Redemption Period (percentage of (dates inclusive) principal amount) July 1, 2004 to June 30, 2005 102% July 1, 2005 to June 30, 2006 101% July 1, 2006 and thereafter 100% (ii) The ARS are subject to redemption at the option of the Authority, on any Interest Payment Date on or after July 1, 2004, as a whole or in part in an Authorized Denomination, at a redemption price equal to the principal amount thereof to be redeemed, plus accrued but unpaid interest to the redemption date, without premium. The IRS are subject to redemption at the option of the Authority, on any Interest Payment Date on or after July 1, 2004, as a whole or in part in an Authorized Denomination, at the redemption price set forth below, expressed as a percentage of the principal amount thereof to be redeemed, plus accrued but unpaid interest to the redemption date, as follows: Redemption Period Redemption Price July 1, 2004 to June 30, 2005 104% July 1, 2005 to June 30, 2006 102% July 1, 2006 and thereafter 100% (b) (i) The 1994 Bonds other than ARS and IRS maturing on July 1, 2024 are subject to mandatory redemption prior to their stated maturity in part, by lot, on any July 1 on or after July 1, 2020, at the principal amount thereof and interest accrued thereon to the date fixed for redemption, without premium,by Mandatory Sinking Account Payments in the amounts and in the years set forth below: Principal July 1 Amount 2020 $6,815,000 2021 7,240,000 2022 7,690,000 LA1-63221.5 23