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(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of <br />paragraph 10. <br />(d) Letter of Representations. The provisions in the Letter of Representations are <br />incorporated herein by reference and made a part of the resolution, and if and to the extent any <br />such provisions are inconsistent with the other provisions of this resolution, the provisions in the <br />Letter of Representations shall control. <br />3. LuMose. The Bonds shall provide funds to finance the Improvements. The total <br />cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, <br />Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the <br />Improvements shall proceed with due diligence to completion. The City covenants that it shall <br />do all things and perform all acts required of it to assure that work on the Improvements <br />proceeds with due diligence to completion and that any and all permits and studies required <br />under law for the Improvements are obtained. <br />4. Interest. The Bonds shall bear interest payable semiannually on February 1 and <br />August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2008, <br />calculated on the basis of a 360 -day year of twelve 30 -day months, at the respective rates per <br />annum set forth opposite the maturity years as follows: <br />Maturity Year Interest Rate Maturity Year Interest Rate Maturity Year Interest Rate <br />2008 <br />4.00% <br />2013 <br />4.00% <br />2019 <br />4.00% <br />2009 <br />4.00% <br />2015 <br />4.00% <br />2021 <br />4.05% <br />2011 <br />4.00% <br />2017 <br />4.00% <br />2023 <br />4.15% <br />5. Redemption. All Bonds maturing on February 1, 2019, and thereafter shall be <br />subject to redemption and prepayment at the option of the City on February 1, 2018, and on any <br />date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of <br />the Bonds subject to prepayment. If redemption is in part, the maturities and the principal <br />amounts within each maturity to be redeemed shall be determined by the City and if only part of <br />the Bonds having a common maturity date are called for prepayment, the specific Bonds to be <br />prepaid shall be chosen by lot by the Registrar. Bonds or portions thereof called for redemption <br />shall be due and payable on the redemption date, and interest thereon shall cease to accrue from <br />and after the redemption date. Mailed notice of redemption shall be given to the paying agent <br />and to each affected registered holder of the Bonds. <br />To effect a partial redemption of Bonds having a common maturity date, the Registrar <br />prior to giving notice of redemption shall assign to each Bond having a common maturity date a <br />distinctive number for each $5,000 of the principal amount of such Bond. The Registrar shall <br />then select by lot, using such method of selection as it shall deem proper in its discretion, from <br />the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall <br />equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be <br />the Bonds to which were assigned numbers so selected; provided, however, that only so much of <br />