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• paragraph 10(with respect to registration,transfer and exchange),the Bonds will be <br /> delivered to the Beneficial Owners. <br /> (iii) Nothing in this subparagraph(c) shall limit or restrict the provisions of <br /> paragraph 10(with respect to registration,transfer and exchange). <br /> (d) Letter of Representations. The provisions in the Letter of Representations are <br /> incorporated herein by reference and made a part of the resolution, and if and to the extent any <br /> such provisions are inconsistent with the other provisions of this resolution,the provisions in the <br /> Letter of Representations shall control. <br /> 3. Purpose. The Bonds shall provide funds to finance the Project. The total cost of <br /> the Project,which shall include all costs enumerated in Minnesota Statutes, Section 475.65,is <br /> estimated to be at least equal to the amount of the Bonds. Work on the Project shall proceed <br /> with due diligence to completion. <br /> 4. Interest. The Bonds shall bear interest payable semiannually on February 1 and <br /> August 1 of each year(each, an "Interest Payment Date"), commencing August 1,2008, <br /> calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per <br /> annum set forth opposite the maturity years as follows: <br /> Maturity Maturity <br /> Year Interest Rate Year Interest Rate <br /> 2009 3.375% 2013 3.375% <br /> 2010 3.375% 2014 3.375% <br /> 2011 3.375% 2015 3.375% <br /> 2012 3.375% <br /> 5. Redemption. The Bonds are not subject to redemption and prepayment prior to <br /> their stated maturity dates. <br /> 6. Bond Registrar. U.S.Bank National Association, in St.Paul,Minnesota,is <br /> appointed to act as bond registrar and transfer agent with respect to the Bonds(the "Bond <br /> Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all <br /> pursuant to any contract the Authority and Bond Registrar shall execute which is consistent <br /> herewith. The Bond Registrar shall also serve as paying agent unless and until a successor <br /> paying agent is duly appointed. Principal and interest on the Bonds shall be paid to the <br /> registered holders (or record holders) of the Bonds in the manner set forth in the form of Bond <br /> and paragraph 13. <br /> 7. Form of Bond. The Bonds,together with the Bond Registrar's Certificate of <br /> Authentication,the form of Assignment and the registration information thereon, shall be in <br /> substantially the following form: <br /> • <br /> 2114906v1 5 <br />