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integral multiple thereof of a single maturity. The Bonds shall mature on February 1 in the years and amounts as follows: Years AmountS ~ars Amounts 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 $135,000 80.000 85 000 90 000 95 000 95 000 100 000 110 000 115 000 120 000 2007 $125,000 2008 130,000 2009 140,000 2010 150,000 2011 155,000 2012 165,000 2013 175,000 2014 185,000 2015 195,000 2016 210,000 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 cou~letion. 5. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 1997, 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 Interest Maturity Interest Year Rate Year Rate 1997 % 2007 1998 2008 1999 2009 2000 2010 2001 2011 2002 2012 2003 2013 2004 2014 2005 2015 2006 2016 6. Redemption. Ail Bonds maturing after February 1, 2006, 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 of each maturity to be prepaid; and 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 321121.1 7