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<br />SECTION 2. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY.
<br />2.01. Issuance of Bonds. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, now existing, having happened and having been performed, it is now necessary for the Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith.
<br />2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be originally dated as of June 8, 2017, shall be in the denomination of $5,000 each, or any integral multiple thereof, of single maturities, shall mature on January 15 in the years and amounts stated below, and shall bear interest from date of issue until paid or duly called for redemption, at the annual rates set forth opposite such years and amounts, as follows:
<br />Maturity Improvement Bonds Utility Bonds Equipment Bonds Total Rate
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<br />2019 $385,000 $250,000 $25,000 $660,000 2.500% 2020 395,000 260,000 30,000 685,000 2.500 2021 400,000 260,000 30,000 690,000 2.500 2022 410,000 270,000 30,000 710,000 2.500
<br />2023 425,000 275,000 30,000 730,000 2.500
<br />2024 435,000 285,000 30,000 750,000 2.500 2025 445,000 290,000 30,000 765,000 2.500 2026 455,000 300,000 30,000 785,000 2.500 2027 465,000 300,000 35,000 800,000 2.500
<br />2028 480,000 310,000 790,000 2.500
<br />2029 315,000 315,000 2.500 2030 325,000 325,000 2.750 2031 335,000 335,000 3.000 2032 345,000 345,000 3.000
<br />2033 360,000 360,000 3.000
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<br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein, provided that so long as the Bonds are registered in the name of a
<br />securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and
<br />interest shall be payable in accordance with the operational arrangements of the securities depository.
<br />2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of
<br />authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on
<br />the Bonds shall be payable on January 15 and July 15 in each year, commencing January 15, 2018, each such date being referred to herein as an Interest Payment Date, to the persons in whose names the Bonds are registered on the Bond Register, as hereinafter defined, at the Registrar’s close of business on the first day of the calendar month in which such Interest
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