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(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 Re ig strar. The City hereby appoints Bond Trust Services <br />Corporation in Roseville, Minnesota, as the initial Registrar. The Mayor and City Manager are <br />authorized to execute and deliver, on behalf of the City, a contract with Bond Trust Services <br />Corporation, as Registrar. Upon merger or consolidation of the Registrar with another <br />corporation, if the resulting corporation is a bank or trust company authorized by law to conduct <br />such business, such corporation shall be authorized to act as successor Registrar. The City <br />agrees to pay 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 upon the <br />appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all <br />cash and Bonds in its possession to the successor Registrar. On or before each principal or <br />interest due date, without further order of this Council, the Finance Director shall transmit to the <br />Registrar from the 2016A Improvement Bond Fund described in Section 4.02 hereof, moneys <br />sufficient for the payment of all principal and interest then due. <br />3.05. Redemption. (a) Bonds maturing in 2027 and later years are each subject to <br />redemption, at the option of the City and in whole or in part, and if in part, in the maturities <br />selected by the City and, within any maturity, in $5,000 principal amounts selected by the <br />Registrar by lot, on February 1, 2026 and on any date thereafter, at a redemption price equal to <br />the principal amount thereof to be redeemed plus accrued interest to the date of redemption. <br />(b) Bonds maturing in the year 2028 shall be subject to mandatory sinking fund <br />redemption by lot at a redemption price equal to the principal amount of the Bonds to be so <br />redeemed plus interest accrued thereon to the date fixed for redemption, on February 1, in the <br />years and principal amounts set forth below: <br />Year Amount <br />2027 $100,000 <br />2028* 100,000 <br />*Final Maturity <br />In the event that any Bonds maturing in the year 2028 are redeemed pursuant to (a) above by the <br />City and canceled by the Registrar and not reissued, the Bonds maturing in the year 2028 so <br />redeemed and canceled may be applied by the City as a credit against the Bonds to be redeemed <br />pursuant to this subsection (b), such credit to be equal to the principal amount of the Bonds <br />maturing in the year 2028 so redeemed or canceled provided that the City has notified the <br />Registrar not less than thirty -five (35) days prior to the redemption date of its election to apply <br />such Bonds as a credit. <br />(c) Bonds maturing in the year 2030 shall be subject to mandatory sinking fund <br />redemption by lot at a redemption price equal to the principal amount of the Bonds to be so <br />0 <br />