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• are hereby irrevocably pledged. The Bonds are issuable only as fully registered bonds in <br /> denominations of$5,000 or any multiple thereof, of single maturities. <br /> Bonds maturing in the years 2002 through 2009 are payable on their respective <br /> stated maturity dates without option of prior payment, but Bonds having stated maturity dates in <br /> the years 2010 through 2015 are each subject to redemption and prepayment, at the option of the <br /> City and in whole or in part, and if in part, in the maturities selected by the City and, within any <br /> maturity, in $5,000 principal amounts selected by lot, on April 1, 2009 and on any date <br /> thereafter, at a price equal to the principal amount thereof to be redeemed plus accrued interest to <br /> the date of redemption. <br /> [INSERT REDEMPTION PROVISIONS FOR ANY TERM BONDS] <br /> At least thirty days prior to the date set for redemption of any Bond, notice of the <br /> call for redemption will be mailed to the Bond Registrar and to the registered owner of each <br /> Bond to be redeemed at his address appearing in the Bond Register, but no defect in or failure to <br /> give such mailed notice of redemption shall affect the validity of the proceedings for the <br /> redemption of any Bond not affected by such defect or failure. Official notice of redemption <br /> having been given as aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on <br /> the redemption date, become due and payable at the redemption price herein specified and from <br /> and after such date (unless the City shall default in the payment of the redemption price) such <br /> Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption of any Bond, <br /> a new Bond or Bonds will be delivered to the registered owner without charge, representing the <br /> remaining principal amount outstanding. <br /> As provided in the Resolution and subject to certain limitations set forth therein, <br /> this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, <br /> by the registered owner hereof in person or by his attorney duly authorized in writing upon <br /> surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br /> duly executed by the registered owner or his attorney; and may also be surrendered in exchange <br /> for Bonds of other authorized denominations. Upon such transfer or exchange,the City will <br /> cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the <br /> same aggregate principal amount, bearing interest at the same rate and maturing on the same <br /> date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br /> respect to such transfer or exchange. <br /> The City and the Bond Registrar may deem and treat the person in whose name <br /> this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the <br /> purpose of receiving payment and for all other purposes, and neither the City nor the Bond <br /> Registrar shall be affected by any notice to the contrary. <br /> IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that <br /> all acts, conditions and things required by the Constitution and laws of the State of Minnesota to <br /> be done, to exist, to happen and to be performed precedent to and in the issuance of this Bond in <br /> • order to make this Bond a valid and binding general obligation of the City according to its terms, <br /> have been done, do exist, have happened and have been performed in regular and due form as so <br /> -4- <br />