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• interest on the Bonds when due. The City does not presently have any obligations outstanding payable <br /> from money allotted to the City from its account in the Municipal State-Aid Street Fund of the State of <br /> Minnesota, and the annual amount of principal and interest due in all subsequent calendar years on the <br /> Bonds does not exceed 50 percent of the amount of the last annual allotment received by the City from <br /> the Municipal State-Aid Street Fund of the State of Minnesota. All acts,conditions and things which <br /> are required by the Constitution and laws of the State of Minnesota to.be done, to exist, to happen and <br /> to be performed precedent to and in the valid issuance of the Bonds having been done, existing, having <br /> happened and having been performed, it is now necessary for this Council to establish the form and <br /> terms of the Bonds,to provide security therefor and to issue the Bonds forthwith. <br /> Section 2. Form of Bonds. The Bonds shall be prepared in substantially the following <br /> form: <br /> -2- <br />