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Statement. The good faith deposit of the Purchaser shall be retained and deposited by the City <br />until the Bonds have been delivered, and shall be deducted from the purchase price paid at <br />settlement. <br />SECTION 2. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY. <br />2.01. Issuance of Bonds. All acts, conditions and things which are required by the <br />Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be <br />performed precedent to and in the valid issuance of the Bonds having been done, now existing, <br />having happened and having been performed, it is now necessary for the Council to establish the <br />form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. <br />2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be <br />originally dated as of the date of issuance thereof, shall be in the denomination of $5,000 each, or <br />any integral multiple thereof, of single maturities, shall mature on February 1 in the years and <br />amounts stated below, and shall bear interest from date of issue until paid or duly called for <br />redemption, at the annual rates set forth opposite such years and amounts, as follows: <br />Maturity <br />Equipment <br />Bonds <br />Improvement <br />Bonds <br />Abatement <br />Bonds <br /> <br />Total Rate <br /> <br />2018 % <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />2025 <br />2026 <br />2027 <br />2028 <br />2029 <br />2030 <br />2031 <br />2032 <br />2033 <br /> <br />[REVISE MATURITY SCHEDULE FOR ANY TERM BONDS] <br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon <br />surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by <br />the Registrar described herein, provided that so long as the Bonds are registered in the name of a <br />securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and <br />interest shall be payable in accordance with the operational arrangements of the securities <br />depository. <br />2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to <br />Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of <br />authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on <br />20