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<br />e Years Amount~ Years Amounts <br />1996 $ 10,000 2002 $ 20,000 <br /> 1997 15,000 2003 25,000 <br /> 1998 20,000 2004 25,000 <br /> 1999 20,000 2005 25,000 <br /> 2000 20,000 2006 25,000 <br /> 2001 20,000 2007 30,000 <br /> <br />4. PurDose. The Bonds shall provide funds to finance <br />the Improvements. The total cost of the Improvements, which <br />shall include all costs enumerated in Minnesota statutes, Section <br />475.65, is estimated to be at least equal to the amount of the <br />Bonds. Work on the Improvements shall proceed with due diligence <br />to completion. <br /> <br />5. Interest. The Bonds shall bear interest payable <br />semiannually on February 1 and August 1 of each year (each, an <br />"Interest PaYment Date"), commencing February 1, 1995, calculated <br />on the basis of a 360-day year consisting of twelve 30-day <br />months, at the respective rates per annum set forth opposite the <br />maturity years, as follows: <br /> <br /> Maturity Interest Maturity Interest <br /> Year Rate Year Rate <br />e 1996 4.50% 2002 5.35 % <br />1997 4.70 2003 5.45 <br /> 1998 4.85 2004 5.55 <br /> 1999 5.00 2005 5.65 <br /> 2000 5.15 2006 5.75 <br /> 2001 5.25 2007 5.85 <br /> <br />6. RedemDtion. All Bonds maturing after February 1, <br />2004, shall be subject to redemption and prepaYment at the option <br />of the City on said date and on any date thereafter at a price of <br />par plus accrued interest to date of redemption. Redemption may <br />be in whole or in part of the Bonds subject to prepaYment. If <br />redemption is in part, the City shall determine the amount of <br />Bonds of each maturity to be prepaid; and if only part of the <br />Bonds having a common maturity date are called for prepaYment, <br />the specific Bonds to be prepaid shall be chosen by lot by the <br />Bond Registrar. Bonds or portions thereof called for redemption <br />shall be due and payable on the redemption date, and interest <br />thereon shall cease to accrue from and after the redemption date. <br />Published notice of redemption shall in each case be given if and <br />to the extent required by applicable law, and mailed notice of <br />redemption shall be given to the paying agent and to each <br />affected registered owner of the Bonds. <br /> <br />e <br /> <br />266467.1 <br /> <br />3 <br />