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A Beneficial Owner of ARS may cause such ARS to be combined with IRS, or "Fixed", and traded as a unit as Regular Fixed AIRS or Newly Fixed AIRS. ARS which became Fixed with IRS will be considered Newly Fixed AIRS for the remainder of the Interest Period in which such ARS and IRS were Fixed. The Service Charge payable with respect to the ARS which were Fixed will continue to accrue for the remainder of such Interest Period. A Beneficial Owner of Regular Fixed AI' 0 '+ 4'- ly Fixed AIRS may cause such ARS and IRS to be "Separated", and traded separat . N 'S and ARS, during the seven-day period immediately preceding a Record Date e han during a Closed Period) by delivering instructions to a Broker-Dealer. Upo of notice from the Broker-Dealer, the Auction Agent will cause such Regular Fixed S or Newly Fixed AIRS to be Separated on the next succeeding Interest Payment Date, or if such Interest Payment Date falls within a Closed Period, on the next succeeding Auction Period Accrual Date. Redemption Provisions The ARS are subject to redemption at the option of the Authority in whole or in part on any Interest Payment Date on or after July 1, 2004. at a redemption price equal to the principal amounts thereof plus accrued interest to the redemption date. The ARS maturing on July 1, 2014, are also subject to mandatory redemption on July 1, 2010 in the years 2010 through 2014 and in the respective principal amounts set forth in the Indenture, at a redemption price equal to 100% of the principal amount thereof plus accrued interest thereon to the redemption date. The Bonds are also subject to redemption prior to their respective maturity dates, in authorized denominations, on any date, as a whole or in part, from net insurance proceeds or condemnation awards, upon the terms and conditions of, and as provided in, the Indenture, at the principal amount thereof together with accrued interest to the date of redemption. In the event of any partial redemption of Bonds, the Bonds or portions thereof to be redeemed shall be selected as provided in the Indenture. The Authority shall not redeem ARS on any date unless on the same date the Authority redeems an equal principal amount of IRS. Notice of any redemption shall be given by the payment of the redemption price thereof shall be made at the time and in the manner set forth in the Indenture. If at the time of mailing of any notice of optional redemption the Authority shall not have deposited with the Trustee monies sufficient to redeem all Bonds called for redemption, such notice may state that it is subject to the deposit of the redemption monies with the Trustee not later than the opening of business on the redemption date and shall be of no effect unless such monies are so deposited. If on the redemption date sufficient moneys shall have been deposited with the Trustee to effect such redemption in accordance with the Indenture, then interest shall cease to accrue on the redemption date on all Bonds or portions thereof so called for redemption. As provided in the Indenture, notice of redemption of this Bond shall be given by first class mail not less than thirty (30) days nor more than sixty (60) days before the redemption date to the registered owner hereof. If notice of redemption has been duly given and money for the payment of the redemption price is held by the Trustee, then on the redemption date designated LAI-70382.1 5