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) will be credited against one or more scheduled mandatory redemption installments for that Term Bond. The University will determine the manner in which the credit is to be allocated.] Selection of Bonds to be Redeemed . If fewer than all of the outstanding Series 2018 Bonds are to be redeemed at the option of the University, the University will select the maturities to be redeemed. If fewer than all of the outstanding Series 2018 Bonds of a maturity are to be redeemed, the Securities Depository will select Series 2018 Bonds registered in the name of the Securities Depository to be redeemed in accordance with the Letter of Representations, and the Registrar will select all other Series 2018 Bonds to be redeemed randomly in such manner as the Registrar will determine. All or a portion of the principal amount of any Series 2018 Bond that is to be redeemed may be redeemed in any Authorized Denomination. If less than all of the outstanding principal amount of any Series 2018 Bond is redeemed, upon surrender of that Series 2018 Bond to the Registrar, there will be issued to the Registered Owner, without charge, a new Series 2018 Bond (or Series 2018 Bonds, at the option of the Registered Owner) of the same maturity and interest rate in any Authorized Denomination in the aggregate principal amount to remain outstanding. Notice of Redemption. Notice of redemption of each Series 2018 Bond registered in the name of the Securities Depository will be given in accordance with the Letter of Representations. Notice of redemption of each other Series 2018 Bond, unless waived by the Registered Owner, will be given by the Registrar not less than 20 nor more than 60 days prior to the date fixed for redemption by first-class mail, postage prepaid, to the Registered Owner at the address appearing on the Bond Register on the Record Date. The requirements described in the preceding sentence shall be satisfied when notice has been mailed as so provided, whether or not it is actually received by an owner. Defeasance If money and/or Government Obligations, as defined in the Bond Resolution, maturing at such times and bearing interest to be earned thereon in amounts sufficient to retire any or all of the Series 2018 Bonds in accordance with their terms are set aside irrevocably in a special trust account to effect such retirement and are pledged for such purpose, then no further payments need to be made to pay or secure the payment of such Series 2018 Bonds, and such Series 2018 Bonds thereafter will be deemed not to be outstanding. Open Market Purchase The University has reserved the right to purchase any or all of the Series 2018 Bonds in the open market or offered to the University at any time at any price acceptable to the University plus accrued interest to the date of purchase. USE OF PROCEEDS The Series 2018 Bonds are being issued for the purpose of _____________, to capitalize interest on the Series 2018 Bonds through ______, and paying costs of issuance of the Series 2018 Bonds. Sources and Uses of Funds The proceeds of the Series 2018 Bonds are to be applied as follows: Sources of Funds Par Amount of Series 2018 Bonds Net Reoffering Premium/(Discount) Total Sources of Funds Uses of Funds Deposit to Construction Account Deposity to Capitalized Interest Account Estimated Costs of Issuance (1) Total Uses of Funds (1) Issuance costs include underwriter’s discount, legal fees, financial advisor’s fees, and other costs incurred in connection with the issuance of the Series 2018 Bonds.
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