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enabling, Minnesota Statutes, Chapters 429 and 475. The Bonds are issuable only as fully <br /> registered bonds in denominations of$5,000 or any multiple thereof, of single maturities. The <br /> Bonds of this series are issuable only as fully registered Bonds, in denominations of$5,000 or <br /> any multiple thereof, of single maturities. <br /> Bonds maturing in the years 2013 through 2019 are payable on their respective stated <br /> maturity dates without option of prior payment, but Bonds having stated maturity dates in the <br /> years 2020 and thereafter 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 by lot, <br /> assigned in proportion to their principal amount, within any maturity, on February 1, 2019 and <br /> on any date thereafter, at a price equal to the principal amount thereof to be redeemed plus <br /> interest accrued to 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 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 /> -3- <br />