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Net interest cost: 4.5911886 %% <br />1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />Chapter 475 (Act) in the total principal amount of $340,000, originally dated May 1, 2002, in the <br />denomination of $5,000 each or any integral multiple thereof, numbered No. R -1, upward, <br />bearing interest as above set forth, and which mature serially on January 1 in the years and <br />amounts as follows: <br />Year <br />Amount <br />Year <br />Amount <br />2003 <br />$35,000 <br />2008 <br />$35,000 <br />2004 <br />30,000 <br />2009 <br />35,000 <br />2005 <br />30,000 <br />2010 <br />35,000 <br />2006 <br />30,000 <br />2011 <br />40,000 <br />2007 <br />30,000 <br />2012 <br />40,000 <br />1.04. Optional Redemption. The City may elect on January 1, 2009, and on any day <br />thereafter to prepay Bonds. Redemption may be in whole or in part and if in part, at the option <br />of the City and in such manner as the City will determine. If less than all Bonds of a maturity are <br />called for redemption, the City will notify DTC (as defined in Section 8 hereof) of the particular <br />amount of such maturity to be prepaid. DTC will determine by lot the amount of each <br />participant's interest in such maturity to be redeemed and each participant will then select by lot <br />the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a <br />price of par plus accrued interest. <br />Section 2. Registration and Payment. <br />2.01. Registered Form. The Bonds will be issued only in fully registered form. The <br />interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by <br />check or draft issued by the Registrar described herein. <br />2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest <br />payment date preceding the date of authentication to which interest on the Bond has been paid or <br />made available for payment, unless (i) the date of authentication is an interest payment date to <br />which interest has been paid or made available for payment, in which case the Bond will be <br />dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest <br />payment date, in which case the Bond will be dated as of the date of original issue. The interest <br />on the Bonds is payable on January 1 and July 1 of each year, commencing January 1, 2003, to <br />the registered owners of record as of the close of business on the fifteenth day of the immediately <br />preceding month, whether or not that day is a business day. <br />WG- 2125530 <br />LA515 -2 <br />