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Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on <br />the Improvements shall proceed with due diligence to completion. <br /> <br /> 5. Interest. The Bonds shall bear interest payable semiannually on <br />February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing <br />August 1, 2002, calculated on the basis of a 360-day year consisting of twelve 30-day months, at <br />the respective rates per annum set forth opposite the maturity years, as follows: <br /> <br />Maturity Interest Maturity Interest <br />Year Rate Year Rate <br /> <br />2003 2.50% 2013 4.35% <br />2004 2.85 2014 4.60 <br />2005 3.05 2015 4.60 <br />2006 3.30 2016 4.75 <br />2007 3.55 2017 4.75 <br />2008 3.80 2018 4.85 <br />2009 3.95 2019 4.85 <br />2010 4.00 2020 4.90 <br />2011 4.10 2021 4.90 <br />2012 4.25 2022 4.90 <br /> <br /> 6. Redemption. All Bonds maturing after February 1, 2010, shall be subject <br />to redemption and prepayment at the option of the City on said date and on any date thereafter at <br />a price of par plus accrued interest to date of redemption. Redemption may be in whole or in <br />part of the Bonds subject to prepayment. If redemption is in part, the City shall determine the <br />amount of Bonds of each maturity to be prepaid; and if only part of the Bonds having a common <br />maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot <br />by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable <br />on the redemption date, and interest thereon shall cease to accrue from and after the redemption <br />date. Published notice of redemption shall in each case be given if and to the extent required by <br />applicable laTM, and mailed notice of redemption shall be given to the paying agent and to each <br />affected registered owner of the Bonds. <br /> <br /> To effect a partial redemption of Bonds having a common maturity date, the Bond <br />Registrar, prior to giving notice of redemption, shall assign to each Bond of that maturity a <br />distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar <br />shall then select by lot, using such method of selection as it shall deem proper in its discretion, <br />from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, <br />shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall <br />be the Bonds to which were assigned numbers so selected; provided, however, that only so much <br />of the principal amount of each such Bond of a denomination of more than $5,000 shall be <br />redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be <br />redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or Bond <br />Registrar so requires, a written instrument of transfer in form satisfactory to the City or Bond <br />Registrar duly executed by the registered owner thereof or by the registered owner's attorney, <br /> <br />1319814vl 6 <br /> <br /> <br />