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payment shall be legal tender for the payment of debts due the <br />United States of America and to pay interest on said principal <br />sum from time to time remaining unpaid in such coin or currency <br />at the rate of six and twenty-five/hundredths (6.25%) per cent <br />per annum from the date hereof until the principal sum is paid, <br />interest to maturity payable on August 1, 1990 and February 1, <br />1991. Principal and interest on this Certificate is payable at <br />the office of the City Clerk -Treasurer in the City of Lino <br />Lakes, Minnesota. <br />Payments of installments of principal and the interest <br />due thereon shall discharge the City of the obligation hereon to <br />the extent of the payment made. Annual payments regardless of <br />when made, shall be applied first to the interest computed to <br />the annual installment due date and next to principal due. <br />Other payments, from whatever source derived, shall be applied <br />to the principal last to become due and shall not affect the <br />obligation of the City to pay the remaining installments as <br />scheduled herein. <br />The Certificate is issued as a part of a total of five <br />Certificates of Indebtedness of Two Hundred Seventy-five <br />Thousand and no/100 ($275,000.00) Dollars, and it is issued by <br />the City pursuant to the Constitution and the laws of the State <br />of Minnesota, including Minnesota Statutes, §412.301 and the <br />Lino Lakes Home Rule Charter, for the purpose of financing the <br />purchase of certain equipment by the City. <br />This Certificate may be assigned but upon such assign- <br />`" ment the assignee shall promptly notify the City at the office <br />-3- <br />