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e Improvement Bonds, Series 1994E," shall be dated December 1, 1994, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral mUltiple thereof of a single maturity. The Bonds shall mature on February 1 in the years and amounts as follows: Years Amounts Years Amounts 1996 $ 95,000 2004 $105,000 1997 110,000 2005 105,000 1998 105,000 2006 105,000 1999 105,000 2007 100,000 2000 105,000 2008 100,000 2001 105,000 2009 100,000 2002 105,000 2010 100,000 2003 105,000 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. tit 5. Interest. 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 1996 1997 1998 1999 2000 2001 2002 2003 % 2004 2005 2006 2007 2008 2009 2010 % 6. Redemption. 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 e 276396.1 3