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<br />. <br /> <br />. <br /> <br />. <br /> <br />interest on the principal portion of the Bonds designated for <br />redemption shall cease to accrue from and after the redemption <br />date and that on the redemption date there shall become due and <br />payable on each of such Bonds the redemption price for each <br />Bond. <br /> <br />The actual receipt by the Owner of any Bond of notice <br />of redemption shall not be a condition precedent to redemption, <br />and failure to receive notice shall not affect the validity of <br />the proceedings for the redemption of the Bonds or the <br />cessation of interest on the redemption date. Notice of <br />redemption of Bonds shall be given by the Fiscal Agent and on <br />behalf of the Agency at the expense of the Agency. <br /> <br />A certificate of the Fiscal Agent that notice of <br />redemption has been given in accordance with this Resolution <br />shall be conclusive as against all parties, and no Bondholder <br />whose Bond is called for redemption may object to the <br />redemption or the cessation of interest on the redemption date <br />by claiming or showing that he failed to receive actual notice <br />of such redemption. <br /> <br />C. Redemption Account. Prior to the mailing of <br />notice as required above, the Fiscal Agent shall establish, <br />maintain and hold in trust a separate account within the <br />Special Fund created pursuant to Section 12 hereof entitled <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 />12-02-85 <br />9559P/2281jOl <br /> <br />-17- <br />