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. . . cancellation shall be given to the Issuer. If the mutilated, destroyed, stolen, or lost Bond has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Bond prior to payment. 2.04. Appointment of Initial Reqistrar. The Issuer hereby appoints Norwest Bank Minneapolis, N.A., Minneapolis, Minnesota as the initial Registrar. The Mayor and the City Clerk- Administrator are authorized to execute and deliver, on behalf of the Issuer, a contract with said Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The Issuer agrees to pay the reasonable and customary charges of the Registrar for the services performed. The Issuer reserves the right to remove the Registrar upon thirty (30) days notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. 2.05. Optional Redemption. Bonds maturing in the years 1986 through 1995 shall not be subject to redemption prior to maturity, but Bonds maturing in the years 1996 through 2003 shall be subject to redemption and prepayment at the option of the Issuer, in whole or in part, in inverse order of maturity dates and by lot, assigned in proportion to their principal amount, within any maturity, on February 1, 1995, and any interest payment date thereafter at a price equal to the principal amount thereof and accrued interest to the date of redemption. Prior to the date set for redemption of any Bond which is to be called for redemption prior to its stated maturity date, the City Clerk shall cause notice of the call for redemption thereof to be published as required by law, and, at least 30 days prior to the designated redemption date, shall cause notice of the call for redemption thereof to be mailed to the registered holders of any Bonds to be redeemed at their addresses as they appear on the bond register described in Section 2.03 hereof. 2.06. Mandatory Redemption. In the event that pursuant to federal laws or regulations, the City is required to use unexpended Bond proceeds for early redemption of Bonds in order to cause the interest payable on the Bonds to continue to be excludable from gross income for federal income tax purposes, the City shall use such unexpended Bond proceeds to redeem Bonds at any time on any date after notice of redemption is given pursuant to applicable law. Those Bonds remaining unpaid which have the latest maturity date shall be first redeemed. If only part of the Bonds having a common maturity date are called for redemption, the specific Bonds to be redeemed will 6 .