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APR 03 '93 11:56AM 9-LERS ASSOCIATES P. 13/23 given to the City. If the mutilated, lost, stolen or destroyed Bond has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Bond prior to payment. [i) Authenticatng, Ag t The Registrar is hereby designated authenticating agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1. 3.04. Appointment of initial Rem. The Qty hereby appoints the City Clerk, as the initial Registrar. In the event that the City determines to (c) discontinue the book entry-only system for the Bonds as descred in paragraph of Section 3.07, or DTC, as defined in Section 3.07, determines to discontinue providing its services with respect to the Bonds and a new securities depository is not appointed for the Bonds, the City will designate a suitable bank or trust company to act as successor Registrar if the City Clerk is then acting as Registrar. The City reserves the right to remove any Registrar upon thirty (30) days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. 3.05. Redemption. Bonds maturing in the years 1995 through 1999 are payable on their respective stated maturity dates without optiv t of prior payment, but Bonds maturing in 2000 and later years are each subject to redemption, at the option of the City and in whole or in part, and if in part, in inverse artier of maturities and, within any maturity, in $5,000 principal amounts selected by the Registrar by lot, on February 1, 1999 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus accrued interest to the date of r+edernptian. At least thirty days prior to the date set for redemption of any Bond, the City shall cause notice of the call for redemption to be mailed to the Registrar and to the registered owner of each Bond to be redeemed, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. The notice of redemption shall specify the redemption date, redemption price, the numbers, interest rates and CUSIP numbers of the Bonds to be redeemed and the place at which the Bonds are to be surrendered for payment, which is the principal office of the Registrar. Official notice of redemption having been given as afores aid, the Bonds or portions thereof so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions thereof shall cease to bear interest. In addition to the notice prescribed by the preceding paragraph, the City shall also give, or cause to be given, notice of the redemption of any Bond or Bonds or portions thereof at least 35 days before the redemption date by certified mail or -10-