Section 8.
Redemption Provisions and Purchase of Series 2018 Bonds.
(a) Optional Redemption. The Series 2018 Bonds shall be subject to optional
redemption as set forth in the Bond Sale Resolution. Any Series 2018 Bond that is subject to optional redemption may be selected by the University, in its sole discretion, for redemption in whole or in part at any time at which redemption is permitted as set forth in the Bond Sale Resolution. (b) Mandatory Redemption. Series 2018 Bonds designated as Term Bonds in the Bond Sale Resolution, if not previously redeemed under any optional redemption provisions or purchased and surrendered for cancellation under the provisions set forth below, shall be called for redemption at a price equal to the stated principal amount to be redeemed, plus accrued interest, on the dates and in the amounts set forth in the Bond Sale Resolution. If a Term Bond is redeemed under the optional redemption provisions, defeased, or purchased by the University and surrendered for cancellation, the principal amount of the Term Bond so redeemed, defeased, or purchased (irrespective of its actual redemption or purchase price) shall be credited against one or more scheduled mandatory redemption installments for that Term Bond. The University shall determine the manner in which the credit is to be allocated and shall notify the Registrar in writing of its allocation prior to the earliest mandatory redemption date for that Term Bond for which notice of redemption has not already been given. (c) Selection of Series 2018 Bonds for Redemption; Partial Redemption. If fewer than all of the Series 2018 Bonds at the time Outstanding are to be redeemed at the option of the University, the University shall select the maturities to be redeemed. If fewer than all of the Series 2018 Bonds of a maturity at the time Outstanding are to be redeemed, the Securities Depository shall select Series 2018 Bonds registered in the name of the Securities Depository to
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