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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 performed
<br />precedent to and in the valid issuance of the Bonds having been done, now existing, having
<br />happened and having been performed, it is now necessary for the Council to establish the form and
<br />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 May 19, 2020, shall be in the denomination of $5,000 each, or any integral
<br />multiple thereof, of single maturities, shall mature on February 1 in the years and amounts stated
<br />below, and shall bear interest from date of issue until paid or duly called for redemption at the
<br />annual rates set forth opposite such years and amounts, as follows:
<br />Year Amount Rate Year Amount Rate
<br />2022 $150,000 3.00% 2030 $210,000 2.00%
<br />2023 175,000 3.00 2031 210,000 2.00
<br />2024 175,000 3.00 2032 215,000 2.00
<br />2025 180,000 3.00 2033 220,000 2.00
<br />2026 185,000 3.00 2034 225,000 2.00
<br />2027 190,000 3.00 2035 230,000 2.00
<br />2028 200,000 3.00 2036 230,000 2.00
<br />2029 205,000 3.00
<br />The Bonds shall be issuable only in fully registered form. The interest on and, upon surrender of
<br />each Bond, the principal amount thereof, shall be payable by check or draft issued by the Registrar
<br />described herein, provided that, so long as the Bonds are registered in the name of a securities
<br />depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and interest
<br />shall be payable in accordance with the operational arrangements of the securities 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 the
<br />Bonds shall be payable on February 1 and August 1 in each year, commencing February 1, 2021,
<br />each such date being referred to herein as an Interest Payment Date, to the persons in whose names
<br />the Bonds are registered on the Bond Register, as hereinafter defined, at the Registrar's close of
<br />business on the fifteenth day of the calendar month next preceding such Interest Payment Date,
<br />whether or not such day is a business day. Interest shall be computed on the basis of a 360-day
<br />year composed of twelve 30-day months.
<br />2.04. Redemption. Bonds maturing in 2030 and later years shall be subject to redemption
<br />and prepayment at the option of the City, in whole or in part, in such order as the City shall
<br />determine and within a maturity by lot as selected by the Registrar (or, if applicable, by the bond
<br />depository in accordance with its customary procedures) in multiples of $5,000, on
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