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31 <br /> • <br /> ARTICLE III <br /> CALL AND REDEMPTION AND PURCHASE OF BONDS PRIOR TO MATURITY <br /> Section 3.01. Extraordinary Redemption. If(1)the Project or any portion thereof is destroyed <br /> or is damaged by fire or other casualty; (2) title to or the temporary or permanent use of the Project or <br /> any portion thereof or the estate of the Corporation in the Project or any portion thereof is taken under <br /> the power of eminent domain by any governmental authority; or (3) a material defect in construction of <br /> the Project becomes apparent and all of the net proceeds of insurance or condemnation therefrom are not <br /> applied to Improvements, the Bonds are subject to redemption at the option of the Board in whole or in <br /> part on any date to the extent of the net proceeds not so applied. Bonds called for redemption under this <br /> Section 3.01 shall be deemed at a redemption price of 100% of the principal amount of such Bonds to <br /> be so redeemed plus accrued interest to the redemption date. <br /> Section 3.02. Optional Redemption. The 1993B Bonds and the 1993A Bonds maturing on or <br /> before December 1, , are not subject to call and redemption prior to maturity at the option of the <br /> Corporation. The 1993A Bonds maturing after December 1, may be redeemed prior to their <br /> maturities,at the option of the Corporation,from any funds that may be available for such purpose, either <br /> in whole at any time after December 1, or in part on December 1, or on any Interest <br /> payment Date thereafter. 1993A Bonds called for redemption under this Section 3.02 shall be redeemed <br /> at a redemption price (expressed as percentages of the principal amount of such Series Bonds to be so <br /> redeemed) set forth in the following table plus accrued interest to the redemption date: <br /> PERIOD REDEMPTION <br /> BOTH DATES INCLUSIVE) PRICE <br /> December 1, 200_through November 30, 200 <br /> December 1, 200 through November 30, 200_ <br /> December 1, 200 and thereafter % <br /> Section 3.03. Mandatory Sinking Fund Redemption. The 1993A Bonds are subject to <br /> mandatory sinking fund redemption prior to maturity in part, with the 1993A Bonds to be redeemed being <br /> selected by lot by the Paying Agent in such manner as the Paying Agent may determine, at the <br /> redemption price of 100% of the principal amount thereof plus accrued interest to the date fixed for <br /> redemption, without premium, in amounts and on the dates as follows: <br /> REDEMPTION DATE PRINCIPAL REDEMPTION DATE PRINCIPAL <br /> (DECEMBER 1) AMOUNT (DECEMBER 1) AMOUNT <br /> *Maturity <br /> The 1993B Bonds are subject to mandatory sinking fund redemption prior to maturity in part <br /> with the 1993B Bonds to be redeemed being selected by lot by the Paying Agent in such manner as the <br /> Paying Agent may determine, at the redemption price of 100% of the principal amount thereof plus <br /> 15 <br />