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i 7: <br />PAUL <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />RAMSEY COUNTY <br />CITY OF LITTLE CANADA <br />$175,000 <br />GENERAL OBLIGATION TAXABLE TAX INCREMENT <br />BOND, SERIES 1993A <br />KNOW ALL PERSONS BY THESE PRESENTS that the City of <br />Little Canada, Ramsey County, Minnesota (the "Issuer "), certifies <br />that it is indebted and for value received promises to pay to the <br />City of Little Canada, Minnesota, or registered assign, in the <br />manner hereinafter set forth, the principal amount specified <br />above, on the first day of December in the years and installments <br />as follows: <br />Year <br />1995 -1999 <br />2000 <br />2001 <br />2002 <br />Installment Year <br />$10,000 2003 <br />15,000 2004 <br />20,000 2005 <br />15,000 <br />All dates are inclusive. <br />Installment <br />$20,000 <br />25,000 <br />30,000 <br />and to pay interest on the balance of said principal sum from <br />time to time remaining unpaid, from the date hereof until the <br />principal amount hereof is paid, at the rate of eight percent <br />(8.00 %), payable semiannually on June 1 and December 1 of each <br />year (each, an "Interest Payment Date "), commencing December 1, <br />1993, at the rate per annum specified above (calculated on the <br />basis of a 360 -day year of twelve 30 -day months) until the <br />principal sum is paid or has been provided for. This Bond will <br />bear interest from the most recent Interest Payment Date to which <br />interest has been paid or, if no interest has been paid, from the <br />date of original issue hereof. The installments of principal on <br />this Bond are payable upon representation and, with respect to <br />the last installment, surrender hereof to the Administrator of <br />the Issuer (the "Bond Registrar "), acting as paying agent, or any <br />successor paying agent duly appointed by the Issuer. Interest on <br />this Bond will be paid on each Interest Payment Date by check or <br />draft mailed to the person in whose name this Bond is registered <br />(the "Holder" or "Bondholder ") on the registration books of the <br />Issuer maintained by the Bond Registrar and at the address <br />appearing thereon at the close of business on the fifteenth day <br />of the calendar month next preceding such Interest Payment Date <br />(the "Regular Record Date "). Any interest not so timely paid <br />shall cease to be payable to the person who is the Holder hereof <br />as of the Regular Record Date, and shall be payable to the person <br />232758 <br />Page 31 <br />