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payment date on which Term Bonds are subject to call for redemp- <br />tion, except from moneys in excess of the amounts set aside or <br />deposited for the redemption of Term Bonds. <br />(2) Subject to the provisions of Paragraph (3) below, <br />whenever sufficient money is on deposit in the Bond Amortization <br />Account to redeem $5,000 or more principal amount of Term Bonds, <br />the County shall call for redemption from money in the Bond <br />Amortization Account such amount of Term Bonds then subject to <br />redemption as, with the redemption premium, if any, will exhaust <br />the money then held in the Bond Amortization Account as nearly as <br />may be practicable. Prior to calling Term Bonds for redemption, <br />the County shall withdraw from the Junior Lien Bond Service Fund <br />and from the Bond Amortization Account therein and set aside in <br />separate accounts or deposit with the paying agents the respec- <br />tive amounts required for paying the interest on and the prin- <br />cipal of and redemption premium applicable to the Term Bonds so <br />called for redemption. <br />(3) Moneys in the Bond Amortization Account shall be <br />applied by the County in each Fiscal Year to the retirement of <br />Term Bonds then outstanding in the following order: <br />(a) The Term Bonds to the extent of the Amortization <br />Installment, if any, for such Fiscal Year for the Term Bonds then <br />outstanding, plus the applicable premium, if any, and, if the <br />amount available in such Fiscal Year shall not be sufficient <br />therefor, then in proportion to the Amortization Installment, if <br />any, for such Fiscal Year for the Term Bonds then outstanding, <br />plus the applicable premium, if any; provided, however, that if <br />the Term Bonds shall not then be subject to redemption from <br />moneys in the Bond Amortization Account and if the County shall <br />at any time be unable to exhaust the moneys applicable to the <br />Term Bonds under the provisions of this clause or in the purchase <br />of such Term Bonds under the provisions of Paragraph (1) above, <br />such money or the balance of such money, as the case may be, <br />shall be retained in the Bond Amortization Account and, as <br />-27- <br />MAY 2 3 1984 BooK 57 PAGE 220 <br />