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e Year$ ~ounts Years Amounts 1996 $ 35,000 2004 $ 70,000 1997 50,000 2005 75,000 1998 50,000 2006 80,000 1999 55,000 2007 80,000 2000 55,000 2008 85,000 2001 60,000 2009 90,000 2002 60,000 2010 100,000 2003 65,000 4. Purpose. 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. ~ut~rest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing August 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 Year Interest Rate Maturity Year Interest Rate J.996 1997 1998 1999 2000 2001 2002 2003 % 2004 2005 2006 2007 2008 2009 2010 % 6. ~edemDtion. All Bonds maturing after February 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 ot each maturity to be prepaidiand 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 276405 . 1 3