RES 22-046 RELATING TO THE $2,385,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2022A; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, PROVIDING FOR EXECUTION OF LEVYING AD VALOREN TAXES FOR PAYMENT OF

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the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge, representing the remaining principal amount outstanding. Bonds maturing on February 1, 2032, 2034, 2036, and 2038 (the "Term Bonds") shall be subject to mandatory redemption prior to maturity pursuant to the sinking fund requirements of this Section 2.04 at a redemption price equal to the stated principal amount thereof plus interest accrued thereon to the redemption date, without premium. The Registrar shall select for redemption, by lot or other manner deemed fair, on February 1 in each of the following years the following stated principal amounts of such Bonds: Tenn Bonds Maturing in 2032 Sinking Fund Aggregate Payment Date Principal Amount 2031 $170,000 2032* 180,000 *final maturity Term Bonds Maturing in 2036 Sinking Fund Pavment Date 2035 2036* *final maturity Aggregate Principal Amount $145,000 150,000 Tenn Bonds Maturing in 2034 Sinking Fund Pavment Date 2033 2034* *final maturity Aggregate Principal Amount $180,000 140,000 Term Bonds Maturing in 2038 Sinking Fund Aggregate Payment Date Principal Amount 2037 $155,000 2038* 160,000 *final maturity Notice of redemption shall be given as provided in the preceding paragraph. 2.05. AApointment of Registrar. The City hereby appoints Bond Trust Services Corporation, Roseville, Minnesota, as the initial Bond registrar, transfer agent and paying agent (the "Registrar"). The Mayor and City Clerk are authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company organized under the laws of the United States or one of the states of the United States and authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar, effective upon not less than thirty days' written notice and upon the appointment and acceptance of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the Bond Register to the successor Registrar. 4876-8449-2315\4