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SECTION 2. BONE} TERMS, EXECUTION AND DELIVERY. <br />2.01. Maturities Interest Rates Denominations and Pa ment. The Bonds shall be <br />originally dated as of August 1, 2005, shall be in the denomination of $5,000 each, or any <br />integral multiple thereof, of single .maturities, shall mature on December I in the years and <br />amounts stated below, and shall bear interest from date of issue until paid at the annual rates set <br />forth opposite such years and amounts, as follows: <br />Year <br />Amount Rate <br />Year <br />Amount Rate <br />2006 <br />$175,000 % <br />2019 <br />$175,000 % <br />2007 <br />175,000 <br />2020 <br />175,000 <br />2008 <br />50,000 <br />2021 <br />175,000 <br />2013 <br />125,000 <br />2022 <br />250,000 <br />20I4 <br />150,000 <br />2023 <br />275,000 <br />2015 <br />150,000 <br />2024 <br />275,000 <br />2016 <br />150,000 <br />2025 <br />300,000 <br />2017 <br />150,000 <br />2026 <br />300,000 <br />2018 <br />175,000 <br />2027 <br />325,000 <br />2028 <br />350,000 <br />[REVISE MATURITY SCHDULE <br />FOR ANY TERM BONDS] <br />For purposes of complying with the provisions of Minnesota Statutes, Section 475.54. <br />subdivision 1, the maturity schedule for the Bonds shall be combined with the maturity schedules <br />for the City's outstanding Bonds. <br />The Bonds shall be issuable only in fully registered form, of single maturities. The <br />interest thereon and, upon surrender of each Bond at the principal office of the Registrar <br />described herein, the principal amount thereof, shall be payable by check or draft issued by the <br />Registrar. Each Bond shall be dated by the Registrar as of the date of its authentication. <br />2.02. Interest Payment Dates. Interest on the Bonds shall be payable on .tune I and <br />December 1 in each year, commencing June 1, 2006, to the owners thereof as such appear of <br />record in the bond register as of the close of business on the fifteenth day of the immediately <br />preceding month, whether or not such day is a business day. <br />2.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer <br />agent and paying agent (the Registrar). The effect of registration and the rights and duties of the <br />City and the Registrar with respect thereto shall be as follows: <br />(a) Re ister. The Registrar shall keep at its principal office a bond register in <br />which the Registrar shall provide for the registration of ownership of Bonds and the <br />registration of transfers and exchanges of Bonds entitled to be registered, transferred or <br />exchanged. <br />-2- <br />