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Years Amounts Years Amounts e 1995 $ 25,000 2003 $ 75,000 1996 55,000 2004 80,000 1997 55,000 2005 85,000 1998 60,000 2006 85,000 1999 60,000 2007 95,000 2000 65,000 2008 100,000 2001 65,000 2009 105,000 2002 70,000 4. PurDose. The Bonds shall provide funds to finance the Improvements. The total cost of the Improvements, which shall include all costs enumerated in Minnesota statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the Improvements shall proceed with due diligence to completion. 5. Interest. The Bonds shall bear interest payable semiannually on June 1 and December 1 of each year (each, an "Interest Payment Date"), commencing June 1, 1995, calculated on the basis of a 360-day year consisting of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years, as follows: Maturity Interest Maturity Interest e Year Rate Year Rate 1995 % 2003 % 1996 2004 1997 2005 1998 2006 1999 2007 2000 2008 2001 2009 2002 6. RedemDtion. All Bonds maturing after December 1, 2004, shall be subject to redemption and prepayment at the option of the City on said date and on any date thereafter at a price of par plus accrued interest to date of redemption. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the City shall determine the amount of Bonds of each maturity to be prepaid; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Published notice of redemption shall in each case be given if and e 264048. 1 3