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• directed to execute a contract on behalf of the Issuer for the sale of the Bonds in accordance with the terms specified herein. Section 2. Bond Terms• Registration; Fxecution and Delivery . • 2.01. Issuance of and . All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, now existing, having happened and having been performed, it is now necessary for the City Council of the Issuer to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. 2.02. Matu_rities• TntPrect R tes and Denomina i~nc, The Bonds shall be originally dated as of December 1, 1996, shall be in the denomination of $5,000 each, or any integral multiple thereof, shall mature on February 1 in the respective years and principal amounts stated below, and shall bear interest from date of issue until paid at the respective annual rates set forth opposite such years and amounts, as follows: December 1 of the Year Amount ~g December 1 of the Year Amount 1999 $70,000 4.10 % 2006 $155,000 4, 75 2000 75,000 4.20 % 2007 165,000 4.875 2001 70,000 4.30 % 2008 170,000 5.00 % 2002 80,000 4.40 % 2009 180,000 5.10 2003 85,000 4.50 % 2010 190,000 5.20 2004 100,000 4.60 % 2011 200,000 5.20 2005 105,000 4.70 % 2.03. Book Entry~ystem The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the Bonds with DTC. 2.04. Dates and Intere t Payment Date. Upon the initial delivery of the Bonds pursuant to Section 2.08, and upon any subsequent transfer or exchange pursuant to Section 2.07, the date of 1452997 3