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of the redevelopment of property in the City, and is issued pursuant to and in full <br /> conformity with the provisions of the Constitution and laws of the State of <br /> Minnesota thereunto enabling, including Minnesota Statutes, Section 469.178 and <br /> Chapter 475. This Bonds are payable primarily from tax increments to be derived <br /> from tax increment financing districts established by the Housing and <br /> Redevelopment Authority of St. Anthony, Minnesota (the "Districts") which have <br /> been pledged to the payment of the Bonds by the Resolution. In addition, for the <br /> full and prompt payment of the principal and interest on the Bonds as the same <br /> become due, the full faith, credit and taxing power of the City have been and are <br /> irrevocably pledged. The Bonds are issuable only as fully registered bonds, in <br /> denominations of $5,000 or any integral multiple thereof, of single maturities. <br /> Bonds maturing in the years 2000 through 2006 are payable on their <br /> respective stated maturity dates without option of prior payment, but Bonds having <br /> stated maturity dates in the years 2007 through 2013 are each subject to redemption <br /> and prepayment, at the option of the City and in whole or in part and if in part, in <br /> the maturities selected by the City and by lot, assigned in proportion to their <br /> principal amount, within any maturity, on February 1, 2006 and on any date <br /> thereafter, at a price equal to the principal amount thereof to be redeemed plus <br /> interest accrued to the date of redemption. At least thirty days prior to the date set <br /> for redemption of any Bond, notice of the call for redemption will be mailed to the <br /> Bond Registrar and to the registered owner of each Bond to be redeemed at his <br /> 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 proceedings for the <br /> redemption of any Bond, not affected by such defect or failure. Official notice of <br /> redemption having been given as aforesaid, the Bonds or portions of Bonds so to be <br /> redeemed shall, on the redemption date, become due and payable at the redemption <br /> price herein specified and from and after such date (unless the City shall default in <br /> the payment of the redemption price) such Bond or portions of Bonds shall cease to <br /> bear interest. Upon the partial redemption of any Bond, a new Bond or Bonds will <br /> be delivered to the registered owner without charge, representing the remaining <br /> principal amount outstanding. <br /> As provided in the Resolution and subject to certain limitations set <br /> forth therein, this Bond is transferable upon the books of the City at the principal <br /> office of the Bond Registrar, by the registered owner hereof in person or by his <br /> attorney duly authorized in writing upon surrender hereof together with a written <br /> instrument of transfer satisfactory to the Bond Registrar, duly executed by the <br /> registered owner or his attorney; and may also be surrendered in exchange for Bonds <br /> 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 <br /> owner, of the same aggregate principal amount, bearing interest at the same rate and <br /> maturing on the same date, subject to reimbursement for any tax, fee or <br /> governmental charge required to be paid with respect to such transfer or exchange. <br /> -4- <br />