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• Section 2. Bond Terms; Registration; Execution and Delivery. <br /> 2.01. Issuance of Bonds. All acts, conditions and things which are <br /> required by the Constitution and laws of the State of Minnesota to be done, to exist, <br /> to happen and to be performed precedent to and in the valid issuance of the Bonds <br /> having been done, existing, having happened and having been performed, it is now <br /> necessary for the City Council to establish the form and terms of the Bonds, to <br /> provide security therefor and to issue the Bonds forthwith. <br /> 2.02. Maturities; Interest Rates; Denominations and Payment. The <br /> Bonds shall be originally dated as of January 1, 1991, shall be in the denomination of <br /> $5,000 each, or any integral multiple thereof, of single maturities, shall mature on <br /> February 1 in the years and amounts stated below, without option of prior payment, <br /> and shall bear interest from date of issue until paid at the respective annual rates set <br /> forth opposite such years and amounts, as follows: <br /> Year Amount Rate <br /> 1994 $310,000 <br /> 1995 330,000 <br /> 1996 350,000 <br /> 1997 370,000 <br /> • 1998 190,000 <br /> The Bonds shall be combined with those 1985B Bonds not being refunded by the <br /> Bonds for purposes of meeting the requirements of Minnesota Statutes, Section <br /> 475.54, subd. 1, as permitted by subd. 2 of Section 475.54. The Bonds shall be issuable <br /> only in fully registered form. The interest thereon and, upon surrender of each <br /> Bond at the.principal office of the Registrar described herein, the principal amount <br /> thereof shall be payable by check or draft issued by the Registrar described herein. <br /> 2.03. Dates and Interest Payment Dates. Each.Bond shall bear a date of <br /> original issue of January 1, 1991. Upon the initial delivery of the Bonds pursuant to <br /> Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, <br /> the date of authentication shall be noted on each Bond so delivered, exchanged or <br /> transferred., Interest on the Bonds shall be payable on each February 1 and August l; <br /> commencing August 1, 1991, to the owners of record thereof as of the close of <br /> business on the fifteenth day of the immediately preceding month, whether or not <br /> such day is a business day. <br /> 2.04. Redemption. The Bonds shall not be subject to prepayment prior <br /> to their stated maturities. <br /> • -2- <br />