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6 0,( 19 PACE 7i <br />bond to be redeemed together with accrued interest thereon to the redemption date, provided the <br />redemption price for bonds redeemed during the period June 1, 2012 to May 31, 2013, inclusive, <br />shall include a premium of 2% of the principal amount to be redeemed and the redemption price <br />for bonds redeemed during the period June 1, 2013 to May 31, 2014, inclusive, shall include a <br />premium of 1% of the principal amount to be redeemed. If less than all of the Bonds of any <br />maturity are called for redemption, the Bonds to be redeemed shall be selected by the Issuer in <br />such manner as it may determine. <br />If less than all of the principal amount of a Bond is to be redeemed, the Issuer <br />shall exchange a bond of the denomination representing the portion of the Bond not redeemed to <br />the registered owner in exchange for the Bond a portion of which is to be redeemed. Whenever <br />the Issuer shall elect to redeem Bonds, notice of such redemption of Bonds, stating the <br />redemption date, redemption price and identifying the Bonds or portions thereof to be redeemed <br />by reference to their numbers and further stating that on such redemption date there shall become <br />due and payable upon each bond or portion thereof so to be redeemed, the principal thereof, <br />redemption premium and interest accrued to the redemption date, shall be given not less than 30 <br />days nor more than 45 days prior to the redemption date in writing to the registered owners, by <br />pre -paid first -class mail, at their addresses as such addresses appear on the records of the <br />Transfer Agent, as bond registrar, but any failure in respect of such mailing will not affect the <br />validity of the redemption. <br />(9) The Bonds are transferable by the registered owner thereof or his duly <br />authorized attorney at the principal office of the Transfer Agent or the Issuer, as appropriate, <br />upon surrender of the Bonds, accompanied by a duly executed instrument of transfer in form and <br />with guaranty of signature satisfactory to the Transfer Agent or the Issuer, as appropriate, and <br />upon payment of any taxes or other governmental charges incident to such transfer. Upon any <br />such transfer a new registered bond without coupons of the same maturity and in the same <br />aggregate principal amount will be issued to the transferee. The person in whose name the Bond <br />is registered shall be deemed the owner thereof for all purposes, and the Issuer, the Paying Agent <br />and the Transfer Agent shall not be affected by any notice to the contrary. <br />The Bonds are exchangeable at the sole expense of the Issuer at any time, upon <br />ninety days' notice, at the request of the registered owner thereof and upon surrender of the <br />Bonds to the Transfer Agent or the Issuer, as appropriate, together with an assignment duly <br />4 <br />