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• (Reverse Side of Bond) CITY OF BATESVILLE, ARKANSAS REFUNDING AND IMPROVEMENT WATER AND SEWER REVENUE BOND, SERIES 1991 The Series 1991 Bonds or portions thereof may be redeemed at the option of the City, in whole or in part, in integral multiples of $5, 000, from funds from any source, in inverse order of maturity (and by lot within a maturity in such manner as the Trustee shall determine) on any interest payment date on and after February 1, 1998, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date. The Series 1991 Bonds or portions thereof are subject to mandatory redemption, in whole or in part in integral multiples of $5, 000, in inverse order of maturities (and by lot within a maturity in such manner as the Trustee shall determine) , from unused proceeds of the Series 1991 Bonds, on the first interest payment date after the determination is made that the proceeds will not be used, at a redemption price equal to 100% of the principal amount redeemed plus accrued interest to date of redemption. "Unused proceeds" are any proceeds of the sale of the Series 1991 Bonds which the City determines are not required to pay costs of refinancing the existing debt or costs of the proposed additions and Improvements to the System. The Series Bonds or portions thereof maturing February 1, 2012 , are also subject to mandatory redemption in integral multiples of $5, 000, by lot (in such manner as the Trustee shall determine) , at a redemption price equal to 100% of the principal amount redeemed plus accrued interest to the date of redemption, on February 1 the following years and in the following principal amounts: Year Principal Amount 2008 $325, 000 2009 345, 000 2010 365, 000 2011 390, 000 2012 (Maturity) 415, 000 Notice of redemption identifying the Series 1991 Bonds or portions thereof (which shall be $5, 000 or a multiple thereof) to be redeemed shall be given by the Trustee, not less than thirty (30) nor more than sixty (60) days prior to the date fixed for redemption, by mailing a copy of the redemption notice by first class mail, postage prepaid, to all registered owners of Series 1991 Bonds to be redeemed. Failure to mail an appropriate notice or any such notice to one or more registered owners of Series 1991 Bonds to be redeemed shall not affect the validity of the proceedings for redemption of other Series 1991 Bonds as to which notice of redemption is duly given in proper and timely fashion. tc\kRY\bav-i.oaz —10—