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• REGISTRAR. TRANSFER AGENT <br />AND PAYING AGENT FOR THE NOTES <br />American National Bank and Trust Company in St. Paul, <br />Minnesota will act as Registrar, Transfer Agent and Paying <br />Agent for the Notes (the Registrar). The Register for the <br />Notes will be kept, principal and interest will be paid to the <br />registered owner of each Note and transfers of ownership will <br />be effected by the Registrar. The City will pay the charges of <br />the Registrar for such services. The City reserves the right <br />to remove the Registrar and appoint a successor. <br />INTEREST PAYMENT DATES RATES <br />Interest will be payable each February 1 and August 1, <br />commencing August 1, 1990, to the registered owners of the <br />Notes appearing of record in the register for the Notes as of <br />the close of business on the 15th day (whether or not a <br />business day) of the immediately preceding month. All Notes of <br />the same maturity must bear interest from date of issue until <br />paid at a single, uniform rate, not exceeding the rate <br />specified for Notes of any subsequent maturity. Each rate must <br />be expressed in an integral multiple of 5/100ths or 1/8th of 1%. <br />DELIVERY <br />• Within 40 days after the sale, the City will deliver <br />to the Registrar the printed Notes ready for completion and <br />authentication. The original purchaser of the Notes must <br />notify the Registrar, at least 5 business days before delivery <br />of the Notes, of the persons in whose names the Notes will be <br />initially registered and the authorized denominations of the <br />Notes to be originally issued. If notification is not received <br />by that date, the Notes will be registered in the name of the <br />original purchaser and will be issued in denominations <br />corresponding to the principal maturities of the Notes. On the <br />day of closing, the City will furnish to the purchaser the <br />opinion of bond counsel hereinafter described, an arbitrage <br />certification and a certificate verifying that no litigation in <br />any manner questioning the validity of the Notes is then <br />pending or, to the best knowledge of officers of the City, <br />threatened. Payment for the Notes must be received by the City <br />at its designated depositary on the date of closing in <br />immediately available funds. <br />LEGAL OPINION <br />An opinion as to the validity of the Notes and as to <br />the exemption from taxation of the interest thereon will be <br />• <br />-5- <br /> <br />