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<br />. <br /> <br />. <br /> <br />. <br /> <br />"Redemption Account". There shall be set aside in the <br />Redemption Account prior to mailing notice of optional or <br />mandatory redemption, moneys for the purpose of and sufficient <br />to redeem, at a price equal to the principal of premium, if <br />any, and interest payable as provided in this Resolution, the <br />Bonds designated in the notice of redemption. The moneys must <br />be set aside in the Redemption Account solely for that purpose <br />and shall be applied on or after the redemption date to the <br />payment principal of, interest on and premium, if any, of the <br />Bonds to be redeemed upon presentation and surrender of the <br />Bonds at the corporate trust office of the Paying Agent in New <br />York, New York. <br /> <br />D. Partial Redemption of Bonds. Upon surrender of <br />any Bond redeemed in part only, the Agency shall execute and <br />the Fiscal Agent shall authenticate and deliver to the <br />registered Owner, at the expense of the Agency, a new Bond or <br />Bonds of authorized denominations equal in aggregate principal <br />amount to the unredeemed portion of the Bond surrendered and of <br />the same interest rate and same maturity. A partial redemption <br />shall be valid upon payment of the amount required to be paid <br />to the registered Owner, and the Agency and the Fiscal Agent <br />shall be released and discharged from all liability to the <br />extent of such payment irrespective of whether the endorsement <br />of partial redemption shall have been made upon the reverse of <br />the Bond by the registered Owner and irrespective of any error <br />or omission in the endorsement. <br /> <br />E. Effect of Redemption. Notice of redemption <br />having been duly given as provided above, and moneys for <br />payment of the principal of, premium, if any, and interest <br />payable upon redemption of the Bonds being set aside as <br />provided above, the Bonds, or parts thereof, called for <br />redemption shall, on the redemption date, become due and <br />payable at the redemption price specified in the notice. <br />Interest on the Bonds, or parts thereof, as the case may be, <br />called for redemption shall cease to accrue from and after the <br />date fixed for redemption. The Bonds, or parts thereof <br />redeemed, shall cease to be entitled to any lien, benefit or <br />security under this Resolution, and the Owners of the Bonds <br />shall have no rights except to receive payment of the principal <br />of, premium if any, and interest on the Bond or Bonds as <br />redeemed, and, in the case of partial redemption of Bonds, also <br />to receive a new Bond or Bonds for the unredeemed balance as <br />provided above. <br /> <br />F. Purchase of Bonds. In lieu of redemption or <br />otherwise, the Fiscal Agent, on behalf of the Agency, is hereby <br />authorized to purchase Bonds on the open market at any time at <br />a price not to exceed the principal amount of the Bonds plus <br />the applicable premium and accrued interest, if any, to the <br />date of purchase plus brokerage fees, if any. <br /> <br />12-02-85 <br />9553p/2281jOl <br /> <br />-18- <br />