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Year Amount <br /> <br />1997 $ 10,000 <br />1998 10,000 <br />1999 5,000 <br />2000 10,000 <br />2001 15,000 <br />2002 15,000 <br />2003 20,000 <br />2004 15,000 <br />2005 20,000 <br />2006 20,000 <br />2007 15,000 <br />2008 25,000 <br />2009 20,000 <br />2010 20,000 <br />2011 20,000 <br />2012 30,000 <br />2013 30,000 <br /> <br />$300,000 <br /> <br /> 4. Purpose. The Bonds shall provide funds to finance <br />the Ice Arena. The total cost of the Ice Arena, which shall <br />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 Ice Arena shall proceed with due diligence to <br />completion. <br /> <br /> 5. Interest. The principal amounts of the Bonds <br />shall bear interest at the rate of 5.70% per annum, with interest <br />payable semiannually on June 1 and December 1 of each year (each, <br />an "Interest Payment Date"), commencing June 1, 1997, calculated <br />on the basis of a 360-day year consisting of twelve 30-day <br />months. <br /> <br /> 6. Redemption. The principal installments of each of <br />the Bonds shall be subject to redemption and prepayment prior to <br />their respective stated maturity dates, at par plus accrued <br />interest to date of redemption, in inverse order of stated due <br />dates upon at least fifteen days' prior written notice to the <br />applicable owner of a Bond being redeemed in whole or in part. <br />Each partial redemption of a Bond shall be in a principal amount <br />of not less than $10,000. <br /> <br /> 7. Bond Registrar. The City Finance Director is <br />appointed to act as bond registrar and transfer agent with <br />respect to the Bonds (the "Bond Registrar") and shall do so <br />unless and until a successor Bond Registrar is duly appointed. <br /> <br />324502.1 4 <br /> <br /> <br />