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4. Purpose. The Bonds shall provide funds to finance <br />the Improvements. The total cost of the improvements, which <br />shall include all costs enumerated in Minnesota Statutes, Section <br />475.65, is estimated to be at least equal to the amount of the <br />Bonds. Work on the Improvements shall proceed with due diligence <br />to completion. <br /> <br /> 5. Interest. The Bonds shall bear interest payable <br />semiannually on February 1 and August 1 of each year (each, an <br />"Interest Payment Date"), commencing February 1, 1997, calculated <br />on the basis of a 360-day year consisting of twelve 30-day <br />months, at the respective rates per annum set forth opposite the <br />maturity years, as follows: <br /> <br />Maturity Interest Maturity Interest <br /> Year Rate Year Rate <br /> <br />1999 % 2002 <br />2000 2003 <br />2001 2004 <br /> <br /> 6. Redemption. The Bonds shall not be subject to <br />redemption and prepayment prior to their respective stated <br />maturity dates. <br /> <br /> 7. Bond Registrar. <br /> , in , , is appointed to act as <br />bond registrar and transfer agent with respect to the Bonds (the <br />"Bond Registrar"), and shall do so unless and until a successor <br />Bond Registrar is duly appointed, all pursuant to any contract <br />the City and Bond Registrar shall execute which is consistent <br />herewith. The Bond Registrar shall also serve as paying agent <br />unless and until a successor paying agent is duly appointed. The <br />principal of and interest on the Bonds shall be paid to the <br />registered owners (or record owners) of the Bonds in the manner <br />set forth in the form of Bond and paragraph 13 of this <br />Resolution. <br /> <br /> 8. Form of Bond. The Bonds, together with the Bond <br />Registrar's Certificate of Authentication, the form of Assignment <br />and the registration information thereon, shall be in <br />substantially the following form: <br /> <br />321094.2 7 <br /> <br /> <br />