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Redemption. Ail Bonds of this issue maturing after <br />February 1, 2006, are subject to redemption and prepayment at the <br />option of the City on said date and on any date thereafter at a <br />price of par plus accrued interest to date of redemption. <br />Redemption may be in whole or in part of the Bonds subject to <br />prepayment. If redemption is in part, the City shall determine <br />the amount of Bonds of each maturity to be prepaid; and if only <br />part of the Bonds having a common maturity date are called for <br />prepayment, the Bonds of that maturity to be prepaid shall be <br />chosen by lot by the Bond Registrar. Bonds or portions thereof <br />called for redemption shall be due and payable on the redemption <br />date, and interest thereon shall cease to accrue from and after <br />the redemption date. Published notice of redemption shall in <br />each case be given if and to the extent required by applicable <br />law, and mailed notice of redemption shall be given to the paying <br />agent and to each affected registered owner of the Bonds. <br /> <br /> Selection of Bonds for Redemption; Partial Redemption. <br />To effect a partial redemption of Bonds having a common maturity <br />date, the Bond Registrar shall assign to each Bond of that <br />maturity a distinctive number for each $5,000 of the principal <br />amount of such Bond. The Bond Registrar shall then select by <br />lot, using such method of selection as it shall deem proper in <br />its discretion, from the numbers assigned to the Bonds, as many <br />numbers as, at $5,000 for each number, shall equal the principal <br />amount of such Bonds to be redeemed. The Bonds to be redeemed <br />shall be the Bonds to which were assigned numbers so selected; <br />provided, however, that only so much of the principal amount of <br />such Bond of a denomination of more than $5,000 shall be redeemed <br />as shall equal $5,000 for each number assigned to it and so <br />selected. If a Bond is to be redeemed only in part, it shall be <br />surrendered to the Bond Registrar (with, if the City or Bond <br />Registrar so requires, a written instrument of transfer in form <br />satisfactory to the City or Bond Registrar duly executed by the <br />registered owner thereof or the registered owner's attorney duly <br />authorized in writing), and the City shall execute (if necessary) <br />and the Bond Registrar shall authenticate and deliver to the <br />registered owner of such Bond, without service charge, a new Bond <br />or Bonds of the same series having the same stated maturity and <br />interest rate and of any authorized denomination or denomina- <br />tions, as requested by such registered owner, in aggregate <br />principal amount equal to and in exchange for the unredeemed <br />portion of the principal of the Bond so surrendered. <br /> <br /> Issuance; Purpose; General Obligation. This Bond is <br />one of an issue in the total principal amount of $2,655,000, all <br />of like date of original issue and tenor, except as to registra- <br />tion number, maturity, interest rate, denomination and redemption <br />privilege, which Bond has been issued pursuant to and in full <br />conformity with the Constitution and laws of the State of <br />Minnesota and pursuant to a resolution adopted by the City <br />Council on June 3, 1996 (the "Resolution"), for the purpose of <br />providing money to finance certain costs of improvements to the <br /> <br />321121.1 12 <br /> <br /> <br />