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• Bond was lost, stolen or destroyed, and of the ownership thereof, and upon <br /> receipt by the Registrar of an appropriate bond or indemnity in form, <br /> substance and amount satisfactory to it, in which both the City and the <br /> Registrar shall be named as obligees. All Bonds so surrendered to the <br /> Registrar shall be cancelled by it and evidence of such cancellation shall be <br /> given to the City. If the mutilated, lost, stolen or destroyed Bond has already <br /> matured or been called for redemption in accordance with its terms, it shall <br /> not be necessary to issue a new Bond prior to payment. <br /> (i) Authenticating Agent. The Registrar is hereby designated <br /> authenticating agent for the Bonds, within the meaning of Minnesota <br /> Statutes, Section 475.55, Subdivision 1. <br /> 3.04. Appointment of Initial Registrar. The City hereby appoints <br /> Firstar Bank of Minnesota, N.A. in St. Paul, Minnesota, as the initial Registrar. The <br /> Mayor and City Manager are authorized to execute and deliver, on behalf of the City, <br /> a contract with Firstar Bank of Minnesota, N.A., as Registrar. Upon merger or <br /> consolidation of the Registrar with another corporation, if the resulting corporation <br /> is a bank or trust company authorized by law to conduct such business, such <br /> corporation shall be authorized to act as successor Registrar. The City agrees to pay <br /> the reasonable and customary charges of the Registrar for the services performed. <br /> 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 <br /> Registrar shall deliver all cash and Bonds in its possession to the successor Registrar. <br /> On or before each principal or interest due date, without further order of this <br /> Council, the Finance Director shall transmit to the Registrar from the 1997 <br /> Improvement Bond Fund described in Section 4 hereof, moneys sufficient for the <br /> payment of all principal and interest then due. <br /> 3.05. Redemption. Bonds maturing in the years 2000 through 2007 are <br /> payable on their respective stated maturity dates without option of prior payment, <br /> but Bonds maturing in 2008 and later years are each subject to redemption, at the <br /> option of the City and in whole or in part, and if in part, in the maturities selected by <br /> the City and, within any maturity, in $5,000 principal amounts selected by the <br /> Registrar by lot, on February 1, 2007 and on any date thereafter, at a redemption price <br /> equal to the principal amount thereof to be redeemed plus accrued interest to the <br /> date of redemption. At least thirty days prior to the date set for redemption of any <br /> Bond, the City shall cause notice of the call for redemption to be mailed to the <br /> Registrar and to the registered owner of each Bond to be redeemed, but no defect in <br /> or failure to give such mailed notice of redemption shall affect the validity of <br /> proceedings for the redemption of any Bond not affected by such defect or failure. <br /> The notice of redemption shall specify the redemption date, redemption price, the <br /> numbers, interest rates and CUSIP numbers of the Bonds to be redeemed and the <br /> place at which the Bonds are to be surrendered for payment, which is the principal <br /> • -11- <br />