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3 . 04 . Appointment of Initial Registrar . The City <br /> hereby appoints Marquette Bank Minneapolis , National <br /> Association, as the initial Registrar . The Mayor and the City <br /> Manager are authorized to execute and deliver , on behalf of the <br /> City, a contract with Norwest Bank Minnesota , National <br /> Association, as Registrar . Upon merger or consolidation of the <br /> Registrar with another corporation, if the resulting <br /> corporation is a bank or trust company authorized by law to <br /> conduct such business , such corporation shall be authorized to <br /> act as successor Registrar . The City agrees to pay the <br /> reasonable and customary charges of the Registrar for the <br /> services performed . The City reserves the right to remove any <br /> Registrar upon thirty (30) days ' notice and upon the <br /> appointment of a successor Registrar, in which event the <br /> predecessor Registrar shall deliver all cash and Bonds in its <br /> possession to the successor Registrar and shall deliver the <br /> bond register to the successor Registrar . On or before each <br /> principal or interest due date, without further order of this <br /> Council, the City Manager shall transmit to the Registrar, <br /> moneys sufficient for the payment of all principal and interest <br /> then due pursuant to Section 4 . 01 hereof . <br /> 3 . 05 . Redemption. Bonds maturing in the years 1989 <br /> through .1992 shall not .be subject to redemption prior to-- <br /> maturity, but Bonds maturing in the years 1993 through 1995 <br /> shall each be subject to redemption and prepayment , at the <br /> option of the City, in whole or in part, and if in part , in <br /> inverse order of maturities and, within any maturity, in $5 ,000 <br /> principal amounts selected by the Registrar by lot , on <br /> October 1, 1992 and on any interest payment date thereafter at <br /> a price equal to the principal amount thereof to be redeemed <br /> plus interest accrued to the date of redemption. At least <br /> thirty days prior to the date set for redemption of any Bond, <br /> the City Manager shall cause notice of the call for redemption <br /> to be published in a daily or weekly periodical published in a <br /> Minnesota city of the first class or its metropolitan area, <br /> which circulates throughout the state and furnishes financial <br /> news as a part of its service, and to be mailed to the <br /> Registrar and to the registered owner of each Bond to be <br /> redeemed, but no defect in or failure to give such mailed <br /> notice of redemption shall affect the validity of proceedings <br /> for the redemption of any Bond not affected by such defect or <br /> failure. Upon a partial redemption of any Bond, a new Bond or <br /> Bonds will be delivered to the registered owner without charge, <br /> representing the remaining principal amount outstanding . <br /> 3 . 06 . Preparation and Delivery. The Bonds shall be <br /> prepared under the direction of the City Manager and shall be <br /> executed on behalf of the City by the signatures of the Mayor <br /> and the City Manager , and shall be sealed with the official <br /> corporate seal of the City; provided that said signatures and <br /> -10- <br />