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<br />11 <br />such Interest Payment Date, (ii) a 2018 Bond is authenticated on or before the first Record Date, in which event interest thereon will be payable from the Closing Date, or (iii) interest on <br />any 2018 Bond is in default as of the date of authentication thereof, in which event interest <br />thereon will be payable from the date to which interest has been paid in full, payable on each Interest Payment Date. <br /> Interest with respect to the 2018 Bonds will be computed on the basis of a 360 day year composed of twelve 30–day months. <br /> Transfer, Registration and Exchange <br />See “APPENDIX B – SUMMARY OF PRINCIPAL LEGAL DOCUMENTS” for a <br />description of the provisions of the Indenture relating to the transfer, registration and exchange of the 2018 Bonds. <br />Redemption* <br />Optional Redemption. The 2018 Bonds maturing on or before November 1, 2026, are not subject to optional redemption prior to their stated maturity. The 2018 Bonds maturing on or <br />after November 1, 2027, are subject to redemption, as a whole or in part at the election of the <br />Authority among maturities on such basis as designated by the Authority and by lot within a maturity, at the option of the Authority, on November 1, 2026, and on any date thereafter, at a <br />redemption price equal to 100% of the principal amount of 2018 Bonds to be redeemed, <br />together with accrued interest thereon to the date fixed for redemption, without premium <br />Special Mandatory Redemption From Insurance or Condemnation Proceeds. The <br />2018 Bonds are subject to redemption as a whole, or in part on a pro rata basis among maturities, on any date, from any Net Proceeds required to be used for such purpose as provided in the Indenture, at a redemption price equal to 100% of the principal amount thereof <br />plus interest accrued thereon to the date fixed for redemption, without premium. To the extent Net Proceeds are not sufficient to redeem all Bonds Outstanding, redemption of 2016 Bonds and the 2018 Bonds shall be done on a pro rata basis, as designated in writing by the Authority <br />to the Trustee. <br />Notice of Redemption. The Trustee shall mail notice of redemption of the Bonds by <br />first class mail, postage prepaid, not less than 30 nor more than 60 days before any redemption date, to the respective Owners of any Bonds designated for redemption at their addresses <br />appearing on the Registration Books and to one or more Securities Depositories and to the <br />Municipal Securities Rulemaking Board. <br />Each notice of redemption shall state the date of the notice, the redemption date, the <br />place or places of redemption, whether less than all of the Bonds (or all Bonds of a single maturity) are to be redeemed, the CUSIP numbers and (in the event that not all Bonds within a <br />maturity are called for redemption) Bond numbers of the Bonds to be redeemed and the maturity or maturities of the Bonds to be redeemed, and in the case of Bonds to be redeemed in part only, the respective portions of the principal amount thereof to be redeemed. Each such <br />notice shall also state that on the redemption date there will become due and payable on each of said Bonds the redemption price thereof, and that from and after such redemption date interest thereon shall cease to accrue, and shall require that such Bonds be then surrendered to <br /> <br />* Preliminary; subject to change.