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1.03. Issuance of Bonds. All acts, conditions and things which are required by the
<br />Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be
<br />performed precedent to and in the valid issuance of the Bonds having been done, now existing,
<br />having happened and having been performed, it is now necessary for the Council to establish the
<br />form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith.
<br />SECTION 2. BOND TERMS; REGISTRATION• EXECUTION AND DELIVERY.
<br />2.01. Maturities, Interest Rates Denominations and Payment. The Bonds shall be
<br />originally dated as of November 15, 2010, shall be in the denomination of $5,000 each, or any
<br />integral multiple thereof, of single maturities, shall mature on February 1 in the years and
<br />amounts stated below, and shall bear interest from date of original issue until paid or duly called
<br />for redemption at the annual rates set forth opposite such years and amounts, as follows:
<br />Year Amount Rate
<br />Year Amount Rate
<br />2014
<br />$135,000 %
<br />2020
<br />2015
<br />150,000
<br />2021
<br />170,000
<br />2016
<br />150,000
<br />2022
<br />175,000
<br />2017
<br />155,000
<br />2023,
<br />180.000
<br />2018
<br />160,000
<br />2024
<br />185,000
<br />-2019
<br />160,000
<br />2025
<br />-190,000
<br />[REVISE MATURITY
<br />SCHEDULE FOR ANY TERM BONDS]
<br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon
<br />surrender of each Bond, the principal amount thereof shall be payable by check or, draft, issued by
<br />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 2.07 hereof, principal and
<br />interest shall be payable in accordance with the operational arrangements of the securities
<br />depository.
<br />2.02. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to
<br />Section 2.06 and upon any subsequent transfer or exchange pursuant to Section 2,05, 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 February I and August 1, commencing August 1, 2011, each such
<br />date being referred to herein as an Interest Payment Date, to the person in whose name the Bonds
<br />are registered on the Bond Register, as hereinafter defined, at the Registrar's close of business on
<br />the fifteenth day of the calendar month next preceding such Interest Payment Date, whether or
<br />not such day is a business day. Interest shall be computed on the basis of a 360-day year
<br />composed of twelve 30-day months.
<br />W
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