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-4- (b) The Bonds maturing on and after June 15, 2007 (or portions thereof in • installments of $5,000) shall be subject to redemption at the option of the City prior to their stated maturities, on or after June 15, 2006, in whole or in part from time to time on any date, from any moneys that may be made available for such purpose, in such order as may be determined by the City (except that if at any time less than all of the Bonds of a given maturity are called for redemption, the particular Bonds or portions thereof in installments of $5,000 to be redeemed shall be selected by lot), upon payment of the following redemption prices (expressed as a percentage of the principal amount of the Bonds to be redeemed), together with the interest accrued thereon to the date fixed for the redemption thereof: Redemption Prices Period During Which Redeemed (Percentage of (Both Dates Inclusive) Principal Amount) June 15, 2006 to June 14, 2007 101 % June 15, 2007 to June 14, 2008 100 1/2 June 15, 2008 and thereafter 100 If any Bond (or any portion of the principal amount thereof in installments of $5,000) shall be called for redemption, notice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of • such Bond is to be redeemed, that such Bond must be surrendered in exchange for the principal amount thereof to be redeemed and a new Bond or Bonds issued equalling in principal amount that portion of the principal amount thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail, postage prepaid, to the registered owner of such Bond at his address as it appears on the books of registry kept by the Registrar for the Bonds as of the close of business on the forty-fifth (45th) day next preceding the date fixed for redemption. If notice of the redemption of any Bond shall have been given as aforesaid, and payment of the principal amount of such Bond (or the portion of the principal amount thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made or provided for, interest on such Bond shall cease to accrue from and after the date so specified for redemption thereof. 5. The Bonds are hereby designated as "qualified tax-exempt obligations" for purposes of Section 265 of the Code. 6. The Bonds shall, as soon as practicable, be prepared, executed and delivered at the expense of the City to the Purchaser in accordance with the provisions of the Bond Ordinance, the Detailed Notice of Sale and this resolution and upon payment of the balance of the purchase price for the Bonds. 7. The appointment of Crestar Bank in the City of Richmond, Virginia, as Registrar and Paying Agent for the Bonds, is hereby approved, ratified and confirmed. 0 135139.1 017300 RES