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Year Principal Amount <br />2035 $ 95,000 <br />2036 95,000 <br />2037* 100,000 <br />*Final Maturity <br />or, if less than such amount of Term Bonds is outstanding on any such Sinking Fund Payment <br />Date, an amount equal to the aggregate principal amount of all Tenn Bonds then Outstanding. If <br />Term Bonds are redeemed at the option of the City pursuant to this section, the Tenn Bonds so <br />optionally redeemed may, at the option of the City, be applied as a credit against any subsequent <br />mandatory sinking fund payment with respect to Term Bonds otherwise to be redeemed thereby, <br />such credit to be equal to the principal amount of such Term Bonds redeemed pursuant to this <br />section, provided that the City shall have delivered to the Registrar not less than forty-five (45) <br />days before such Sinking Fund Payment Date a written statement of its election to apply such <br />Tenn Bonds as such a credit. In such case, the Registrar shall reduce the amount of Tenn Bonds <br />to be redeemed on the Sinking Fund Payment Date specified in such written statement by the <br />principal amount of Term Bonds so redeemed pursuant to this section. <br />Notice of redemption shall be given as provided in the preceding paragraph. <br />2.05. Appointment of Initial Registrar. The City hereby appoints Bond Trust Services <br />Corporation, in Roseville, Minnesota, as the initial bond registrar, transfer agent and paying <br />agent (the "Registrar"). The Mayor and City Manager are authorized to execute and deliver, on <br />behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar <br />with another corporation, if the resulting corporation is a bank or trust company organized under <br />the laws of the United States or one of its states and authorized by law to conduct such business, <br />such corporation shall be authorized to act as successor Registrar. The City agrees to pay the <br />reasonable and customary charges of the Registrar for the services performed. The City reserves <br />the right to remove the Registrar, effective upon not less than thirty (30) days' written notice and <br />upon the appointment and acceptance of a successor Registrar, in which event the predecessor <br />Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall <br />deliver the Bond Register to the successor Registrar. <br />2.06. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer <br />agent and paying agent. The effect of registration and the rights and duties of the City and the <br />Registrar with respect thereto shall be as follows: <br />(a) Register. The Registrar shall keep at its principal corporate trust office a <br />bond register in which the Registrar shall provide for the registration of ownership of <br />Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, <br />transferred or exchanged. <br />(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly <br />endorsed by the registered owner thereof or accompanied by a written instrument of <br />transfer, in form satisfactory to the Registrar, duly executed by the registered owner <br />thereof or by an attorney duly authorized by the registered owner in writing, the Registrar <br />0 <br />4813-3012-0929\4 <br />