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SECTION 501. Redemption of Bonds.
 
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SECTION 501. Redemption of Bonds.

(a) The Bonds issued under the provisions of this Series Resolution shall not be subject to prior redemption except as provided in this Article V. If less than all of the Bonds shall be called for redemption, the particular Bonds to be redeemed shall be selected by the Paying Agent first, from Bank Bonds; and, second, from all other Bonds in such manner as the University in its discretion may determine.

(b) The Bonds shall be subject to redemption prior to and on the Fixed Rate Date on any Interest Payment Date on or after December 1, 1987, in the case of the 2010 Bonds, December 1, 1988, in the case of the 2014 Bonds and December 1, 1989, in the case of the 2018 Bonds, at the written direction of an Authorized Representative of the University, as a whole or in part, at the principal amount thereof plus accrued interest.

(c) Following conversion to the Fixed Interest Rate, the Bonds shall be subject to optional redemption by the University, on or after December 1 of the Redemption Year in whole at any time or in part on any Interest Payment Date, at the redemption prices set forth below:

    
Period (both dates inclusive)  Redemption Price 
December 1 of the Redemption Year, through November 30 of the first year following the Redemption Year  102% 
December 1 of the first year following the Redemption Year, through November 30 of the second year following the Redemption Year  101 
December 1 of the second year following the Redemption Year, and thereafter  100 

(d) The 2010 Bonds shall be subject to mandatory redemption by the University at a redemption price of 100% of the principal amount thereof plus accrued interest on December 1 in each of the years and in the amounts as follows:


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Year  Amount 
2002  $3,270,000 
2003  $3,515,000 
2004  $3,780,000 
2005  $4,065,000 
2006  $4,370,000 
2007  $4,695,000 
2008  $5,045,000 
2009  $5,425,000 
2010  $5,835,000 

The 2014 Bonds shall be subject to mandatory redemption by the University at a redemption price of 100% of the principal amount thereof plus accrued interest on December 1 in each of the years and in the amounts as follows:

     
Year  Amount 
2011  $6,680,000 
2012  $7,200,000 
2013  $7,760,000 
2014  $8,360,000 

The 2018 Bonds shall be subject to mandatory redemption by the University at a redemption price of 100% of the principal amount thereof plus accrued interest on December 1 in each of the years and in the amounts as follows:

     
Year  Amount 
2015  $8,875,000 
2016  $9,585,000 
2017  $10,355,000 
2018  $11,185,000 

All Bonds of a stated maturity redeemed at the option of the University pursuant to Section 501(b) or (c) hereof shall be credited at par against the Sinking Fund Requirements for the Bonds of such maturity.