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Bonds maturing in the years 2010 through 2017 are payable on their respective stated maturity <br /> dates without option of prior payment,but Bonds having stated maturity dates in 2018 and later <br /> years are each subject to redemption and prepayment, at the option of the City and in whole or in <br /> part, and if in part, in the maturities selected by the City and, within a maturity, in $5,000 <br /> principal amounts selected by lot, on February 1, 2017 and on any date thereafter, at a price <br /> equal to the principal amount thereof to be redeemed plus accrued interest to the date of <br /> redemption. <br /> At least thirty days prior to the date set for redemption of any Bond, notice of the call for <br /> redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be <br /> redeemed at his address appearing in the Bond Register,but no defect in or failure to give such <br /> mailed notice of redemption shall affect the validity of the proceedings for the redemption of any <br /> Bond not affected by such defect or failure. Official notice of redemption having been given as <br /> aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on the redemption date, <br /> become due and payable at the redemption price herein specified and from and after such date <br /> (unless the City shall default in the payment of the redemption price) such Bond or portions of <br /> Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or <br /> Bonds will be delivered to the registered owner without charge, representing the remaining <br /> principal amount outstanding. <br /> The Bonds have been designated by the City as "qualified tax-exempt obligations" <br /> pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. <br /> As provided in the Resolution and subject to certain limitations set forth therein, this <br /> Bond is transferable upon the books of the City at the principal office of the Bond Registrar,by <br /> 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 this Bond <br /> is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose <br /> of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall <br /> be affected by any notice to the contrary. <br /> IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br /> conditions and things required by the Constitution and laws of the State of Minnesota to be done, <br /> to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order <br /> to make it a valid and binding general obligation of the City in accordance with its terms, have <br /> been done, do exist, have happened and have been performed as so required; that, prior to the <br /> issuance hereof the City has pledged to the payment of the principal of and interest on the Bonds <br /> (a) so much of the net revenues of the City's storm sewer utility as shall be required to pay the <br /> principal and interest on the portion of the Bonds issued to refund the bonds issued to refinance <br /> -4- <br />