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4. The Bonds shall provide funds to refund the <br />City's outstanding General Obligation Temporary Improvement <br />Bonds of 1982, dated October 16, 1982 (the "Prior Bonds") on <br />December 1, 1984 and to defray the expense of certain capital <br />and administration costs in accordance with the City's Tax <br />Increment District Financing Plan approved by the City Council <br />on July 27, 1983 (the "Plan") to be amended on May 9, 1984 <br />within the City's Development District No. 1 created pursuant <br />to Minnesota Statutes, Chapter 472A (the "Project"). Pursuant <br />to the Plan adopted by the City, tax increments derived from <br />the tax increment financing district established pursuant to <br />the Plan, have been pledged to the payment of the Bonds and <br />interest thereon. The estimated collection of the tax <br />increments exceeds 20$ of the cost of the Project. <br />5. The Bonds shall bear interest payable <br />semiannually on March 1 and September 1 of each year commencing <br />March 1, 1985 at the respective rates per annum set forth <br />opposite the maturity years as follows: <br />Maturity Years <br />• <br /> <br />1988 <br />1989 <br />1990 <br />1991 <br />1992 <br />1993 <br />1994 <br />Interest Rates <br />7.10% <br />7.30% <br />7.50% <br />7.80% <br />8.10% <br />8.40% <br />8.60% <br />6. All Bonds of this issue maturing in the years <br />1992 to 1994, both inclusive, shall be subject to redemption <br />and prepayment at the option of the City on March 1, 1991 and <br />on any interest payment date thereafter at par and accrued <br />interest. Redemption may be in whole or in part of the Bonds <br />subject to prepayment. If redemption is in part, those Bonds <br />remaining unpaid which have the latest maturity date shall be <br />prepaid first; and if only part of the Bonds having a common <br />maturity date are called for prepayment, the specific Bonds to <br />be prepaid shall be chosen by lot by the Bond Registrar. <br />Published notice of redemption shall in each case be given in <br />accordance with law, and mailed notice of redemption shall be <br />given to the paying agent and to each registered holder of the <br />Bonds. <br />To effect a partial redemption of Bonds having a com- <br />mon maturity date, the Bond Registrar prior to giving notice of <br />redemption, shall assign to each Bond having a common maturity <br />• <br />