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July 1, commencing January 1, 1989 , results in an accreted <br /> amount at maturity as shown below (yield to maturity is <br /> approximate) : <br /> Original <br /> Principal Amount Total <br /> per $5, 000 Accreted Total Accreted Yield to <br /> Year Amount at Maturity Principal Amount Maturity <br /> 1993 <br /> The accreted amount for any Bond between the date of original <br /> authentication and delivery, and its maturity on July 1, 1993 , <br /> for each $5 , 000 maturity amount , shall be the amount set forth <br /> in the table printed on the reverse of each such Bond and shown <br /> in Exhibit A attached hereto . The Bonds shall be issuable only <br /> in fully registered form. The accreted amount of each Bond <br /> shall be payable, upon surrender thereof , by check or draft <br /> issued by the Bond Registrar described herein. It is hereby <br /> determined that Section 475 . 54 , subd. 17, applies to the Bonds . <br /> 2 . 02 . Registration. The Issuer shall appoint , and <br /> • shall maintain, a bond registrar , transfer agent and paying <br /> agent (the Registrar) . The effect of registration and the <br /> rights and duties of the Issuer and the Registrar with respect <br /> thereto shall be as follows : <br /> (a) Register . The Registrar shall keep at its <br /> principal corporate trust office a bond register in which <br /> the Registrar shall provide for the registration of <br /> ownership of Bonds and the registration of transfers and <br /> exchanges of Bondsentitled to be registered, transferred <br /> or exchanged. <br /> (b) Transfer of Bonds . Upon surrender for transfer <br /> of any Bond duly endorsed by the registered owner thereof <br /> or accompanied by a written instrument of transfer, in form <br /> satisfactory to the Registrar , duly executed by the <br /> registered owner thereof or by an attorney duly authorized <br /> by the registered owner in writing, the Registrar shall <br /> authenticate and deliver, in the name of the designated <br /> transferee or transferees, one or more new Bonds of a like <br /> aggregate original principal amount and maturity, as <br /> requested by the transferor . <br /> (c) Exchange of Bonds . Whenever any Bonds are <br /> surrendered by the registered owner for exchange the <br /> • Registrar shall authenticate and deliver one or more new <br /> Bonds of a like aggregate original principal amount and <br /> maturity, as requested by the registered owner or the <br /> owner ' s attorney in writing . <br /> -2- <br />