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r <br /> (i) Authenticating Agent. The Registrar is hereby designated authenticating <br /> agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, <br /> Subdivision 1. <br /> 3.04. Appointment of Initial Registrar. The City hereby appoints Wells Fargo Bank, <br /> National Association in Minneapolis, Minnesota, as the initial Registrar. The Mayor and City <br /> Manager are authorized to execute and deliver, on behalf of the City, a contract with Wells Fargo <br /> Bank,National Association, as Registrar. Upon merger or consolidation of the Registrar with <br /> another corporation, if the resulting corporation is a bank or trust company authorized by law to <br /> conduct such business, such corporation shall be authorized to act as successor Registrar. The <br /> City agrees to pay the reasonable and customary charges of the Registrar for the services <br /> performed. The City reserves the right to remove any Registrar upon thirty (30) days' notice and <br /> upon the appointment of a successor Registrar, in which event the predecessor Registrar shall <br /> deliver all cash and Bonds in its possession to the successor Registrar. On or before each <br /> principal or interest due date,without further order of this Council,the Finance Director shall <br /> transmit to the Registrar from the 2010A Improvement Bond Fund described in Section 4 hereof, <br /> moneys sufficient for the payment of all principal and interest then due. <br /> 3.05. Redemption. (a) Bonds maturing in the years 2012 through 2017 are payable on <br /> their respective stated maturity dates without option of prior payment,but Bonds maturing in <br /> 2018 and later years are each subject to redemption, 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 any maturity, in $5,000 <br /> principal amounts selected by the Registrar by lot, on February 1, 2017 and on any date <br /> thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus <br /> accrued interest to the date of redemption. <br /> (b) At least thirty days prior to the date set for redemption of any Bond,the City shall <br /> cause notice of the call for redemption to be mailed to the Registrar and to the registered owner <br /> of each Bond to be redeemed, but no defect in or failure to give such mailed notice of <br /> redemption shall affect the validity of proceedings for the redemption of any Bond not affected <br /> by such defect or failure. The notice of redemption shall specify the redemption date, <br /> redemption price,the numbers, interest rates and CUSIP numbers of the Bonds to be redeemed <br /> and the place at which the Bonds are to be surrendered for payment,which is the principal office <br /> of the Registrar. Official notice of redemption having been given as aforesaid,the Bonds or <br /> portions thereof so to be redeemed shall, on the redemption date,become due and payable at the <br /> redemption price therein specified and from and after such date (unless the City shall default in <br /> the payment of the redemption price) such Bonds or portions thereof shall cease to bear interest. <br /> Bonds in a denomination larger than $5,000 may be redeemed in part in any integral <br /> multiple of$5,000. The owner of any Bond redeemed in part shall receive without charge, upon <br /> surrender of such Bond to the Registrar,one or more new Bonds in authorized denominations <br /> equal in principal amount to be unredeemed portion of the Bond so surrendered. <br /> 3.06. Preparation and Delivery. The Bonds shall be prepared under the direction of the <br /> City Manager and shall be executed on behalf of the City by the signatures of the Mayor and the <br /> City Manager; provided that said signatures may be printed, engraved,or lithographed facsimiles <br /> -8- <br />