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be performed precedent to and in the valid issuance of the <br /> Obligations having been done, existing, having happened and <br /> having been performed, it is now necessary for the Council to <br /> establish the form and terms of the Obligations , to provide <br /> security therefor and to issue the Obligations forthwith. <br /> 2 .02 . Maturities; Interest Rates; Denominations ; <br /> Payment . The Obligations shall be originally dated as of <br /> April 1, 1990, shall be in the denomination of $5, 000 each, or <br /> any integral multiple thereof, shall mature on February 1, <br /> without option of prior payment, in the respective years and <br /> amounts stated below, and shall bear interest from date of <br /> issue until paid at the respective annual rates set forth <br /> opposite such years and amounts, as follows : <br /> Year Amount Rate <br /> 1992 $60, 000 <br /> 1993 80, 000 <br /> 1994 85, 000 <br /> 1995 90, 000 <br /> The Obligations shall be issuable only in fully registered <br /> form. The interest thereon and, upon surrender of each <br /> Obligation, the principal amount thereof shall be payable by <br /> check or draft issued by the Registrar described herein. <br /> • 2 . 03 . Dates; Interest Payment Dates . Each Obligation <br /> shall bear a date of original issue as of April 1, 1990 . Upon <br /> the initial delivery of the Obligations pursuant to Section <br /> 2 . 06 and upon any subsequent transfer or exchange pursuant to <br /> Section 2 . 04, the date of authentication shall be noted on each <br /> Obligation so delivered, exchanged or transferred. Interest on <br /> the Obligations shall be payable on each February 1 and <br /> August 1, commencing February 1, 1991, to the owners of record <br /> thereof as of the close of business on the fifteenth day of the <br /> immediately preceding month, whether or not such day is a <br /> business day. <br /> 2 . 04 . Appointment of Initial Registrar. The Issuer <br /> hereby appoints <br /> in , Minnesota, as the initial bond registrar, <br /> transfer agent and paying agent (the Registrar) . The Mayor and <br /> the Manager are authorized to execute and deliver, on behalf of <br /> the Issuer, a contract with the Registrar . Upon merger or <br /> consolidation of the Registrar with another corporation, if the <br /> resulting corporation is a bank or trust company authorized by <br /> law to conduct such business, such corporation shall be <br /> authorized to act as successor Registrar . The Issuer agrees to <br /> pay the reasonable and customary charges of the Registrar for <br /> • -2- <br />