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• 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. Firstar Bank of Minnesota, <br /> N.A., of St. Paul, Minnesota, is hereby appointed as the initial Registrar. The Mayor <br /> and City Manager are hereby 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 /> and shall deliver the Bond Register to the successor Registrar. <br /> 3.05. Redemption. Bonds maturing in the years 1999 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 January 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. <br /> Bonds maturing in the year 2004 are subject to mandatory redemption <br /> prior to their stated maturity in part, by lot selected by the Registrar, on January 1 in <br /> the years and principal amounts set forth below at a redemption price equal to the <br /> principal amount thereof to be redeemed plus accrued interest to the date of <br /> redemption: <br /> Year Principal Amount <br /> 2001 $50,000 <br /> 2002 55,000 <br /> 2003 55,000 <br /> 2004 (final maturity) 60,000 <br /> • <br /> -12- <br />