The Director, subject to such agreements with holders of bonds as may then exist, may, out of any money available therefor, purchase the bonds at a price not exceeding:
1. The redemption price then applicable plus accrued interest to the date of the next interest payment thereon if the bonds are then redeemable; or
2. The redemption price applicable on the first date after the purchase upon which the bonds become subject to redemption, plus accrued interest to that date, if the bonds are not redeemable.