 | Board of Visitors minutes November 30, 1984 |  |
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:
| 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.
| Board of Visitors minutes November 30, 1984 | |