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