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<br />12 <br />THE 2021 BONDS <br /> <br />General <br /> <br />The 2021 Bonds will be dated their date of delivery, will bear interest (computed on the <br />basis of a 360-day year consisting of twelve 30-day months) at the rates per annum (payable <br />semiannually on February 1 and August 1 in each year, commencing February 1, 2022) and will <br />mature and become payable on August 1 in each of the years in the principal amounts set forth <br />on the inside cover page of this Official Statement. The 2021 Bonds will be issued as fully <br />registered bonds in denominations of $5,000 or any integral multiple of $5,000. <br /> <br />Redemption <br /> <br />Optional Redemption. LAVWMA has chosen to not have an Optional Redemption <br />provision. <br /> <br />Mandatory Sinking Fund Redemption. The 2021 Bonds maturing on August 1, 20__ <br />are subject to mandatory redemption in part from Sinking Fund Installments to be made by <br />LAVWMA on August 1, 20__ and on each August 1 thereafter up to and including August 1, 20__, <br />at a Redemption Price equal to the principal amount thereof plus accrued interest, if any, to the <br />redemption date without premium as follows: <br /> <br />Sinking Fund <br />Payment Date <br />(August 1) <br /> <br /> <br />Principal Amount <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Notice. Notice of redemption of any 2021 Bond will be mailed, by first class mail by the <br />Trustee, not less than 20 nor more than 60 days prior to the date fixed for redemption, to certain <br />information services (as provided in the Indenture) and to the registered owners of the 2021 Bonds <br />or portions thereof to be redeemed, at their addresses appearing on the Bond Registration Books, <br />but neither failure of any owner to receive any such notice nor any immaterial defect contained <br />therein shall invalidate any of the proceedings taken in connection with such redemption. <br /> <br />The redemption notice may provide that redemption is conditional upon the availability of <br />funds to accomplish the redemption and may state that LAVWMA has the right to rescind the <br />notice. <br /> <br />Effect of Redemption. From and after the date so designated for redemption, the interest <br />on the 2021 Bonds so called for redemption will cease to accrue, and such 2021 Bonds will cease <br />to be entitled to any benefit or security under the Indenture and the registered owners of such <br />2021 Bonds will have no rights in respect thereof except to receive payment of the redemption <br />price thereof. <br />