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<br />-15- <br /> <br />Each 2018 Bond shall bear interest from the Interest Payment Date next preceding the <br />date of authentication thereof, unless (a) it is authenticated after a Record Date and on or before <br />the following Interest Payment Date, in which event it shall bear interest from such Interest <br />Payment Date; or (b) a 2018 Bond is authenticated on or before the first Record Date, in which <br />event it shall bear interest from the Closing Date; provided, however, that if, as of the date of <br />authentication of any 2018 Bond, interest thereon is in default, such 2018 Bond shall bear interest <br />from the Interest Payment Date to which interest has previously been paid or made available for <br />payment thereon. <br /> <br />Section 2.03. Redemption of 2018 Bonds. <br /> <br />(a) Optional Redemption. The 2018 Bonds maturing on or before September 1, 20__ are <br />not subject to optional redemption prior to maturity. The 2018 Bonds maturing on and after <br />September 1, 20__, are subject to redemption, at the option of the Successor Agency on any date <br />on or after September 1, 20__, as a whole or in part, by such maturities as shall be determined <br />by the Successor Agency, and by lot within a maturity, from any available source of funds, at a <br />redemption price equal to the principal amount of the 2018 Bonds to be redeemed, together with <br />accrued interest thereon to the date fixed for redemption, without premium. <br /> <br />The Successor Agency shall be required to give the Trustee written notice of its intention <br />to redeem 2018 Bonds under this subsection (a) with a designation of the principal amount and <br />maturities to be redeemed at least sixty (60) days prior to the date fixed for such redemption (or <br />such late date as is acceptable to the Trustee), and shall transfer to the Trustee for deposit in the <br />Debt Service Fund all amounts required for such redemption at least five (5) Business Days prior <br />to the date fixed for such redemption. <br /> <br />(b) Mandatory Sinking Account Redemption of 2018 Bonds. The 2018 Bonds maturing <br />on September 1, 20__ shall also be subject to redemption in whole, or in part by lot, on September <br />1 in each of the years as set forth in the following table, from Sinking Account payments made by <br />the Successor Agency pursuant to Section 4.03(c), at a redemption price equal to the principal <br />amount thereof to be redeemed together with accrued interest thereon to the redemption date, <br />without premium, or in lieu thereof shall be purchased pursuant to the succeeding paragraph of <br />this subsection (b), in the aggregate respective principal amounts and on the respective dates as <br />set forth in the following table; provided, however, that if some but not all of such 2018 Bonds <br />have been redeemed pursuant to subsection (a) above, the total amount of all future Sinking <br />Account payments pursuant to this subsection (b) with respect to such 2018 Bonds shall be <br />reduced by the aggregate principal amount of such 2018 Bonds so redeemed, to be allocated <br />among such Sinking Account payments on a pro rata basis in integral multiples of $5,000 as <br />determined by the Successor Agency (written notice of which determination shall be given by the <br />Successor Agency to the Trustee). <br /> <br />2018 Bonds Maturing September 1, 20__ <br /> <br />Sinking Account <br />Redemption Date <br />(September 1) <br /> <br />Principal Amount <br />To Be Redeemed <br /> <br /> <br /> <br /> <br />441