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r 4 � paying the interest on and the principal of and redemption pre- mium applicable to the Term Bonds so called for redemption. (c) Money in the Bond Amortization Account shall be applied by the Issuer in each Bond Year to the retirement of Term Bonds then outstanding in the following order: (i) The Term Bonds of each issue of Bonds to the extent of the Amortization Installment, if any, for such Bond Year for the Term Bonds of each such issue then outstanding, plus the applicable premium, if any, and, if the amount available in such Bond Year shall not be sufficient therefor, then in propor- tion to the Amortization Installment, if any, for such Bond Year for the Term Bonds of each such issue then outstanding, plus the applicable premium, if any; provided, however, that if the Term Bonds of any such issue shall not then be subject to redemption from money in the Bond Amortization Account and if the Issuer shall at any time be unable to exhaust the money applicable to the Term Bonds of such issue under the provisions of this clause or in the purchase of such Term Bonds under the provisions of paragraph (a) above, such money or the balance of such money, as the case may be, shall be retained in the Bond Amortization Account and, as soon as it is feasible, applied to the Term Bonds of such issue; and (ii) Any balance then remaining, other than money retained under the first clause of this paragraph (c), shall be applied to the retirement of such Term Bonds as the Issuer in its sole discretion shall determine, but only, in the case of the redemption of Term Bonds of any issue, in such amounts and on such terms as may be provided in the resolution authorizing the issuance of the Bonds of such issue. (d) In lieu of purchasing or redeeming Term Bonds prior to maturity under paragraphs (a) through (c) hereof, the Issuer may elect to retain the funds deposited into the Bond Amortization Account, or any portion thereof, until the stated maturity date of such Term Bonds, and invest such funds in Federal Securities maturing not later than the stated maturity date of such Term Bonds. Such election may be made, as to all or a part of the Term Bonds, either prior to the delivery of such Terra Bonds, in which case such election shall be binding on the Issuer, or may be made from time to time at the option of the Issuer, in which case such election shall not be binding until made prior to the purchase or redemption of Term Bonds pursuant to paragraphs (a) through (c) hereof; provided, however, that if an election is made to retain the funds in the Bond Amortization Account until the stated maturity dates of such Term Bonds, such -'1V-