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Improvements, which shall include all costs enumerated in <br />Minnesota Statutes, Section 475.65, is estimated to be at least <br />equal to the amount of the Bonds. Work on the Improvements shall <br />proceed with due diligence to completion. The City covenants <br />that it shall do all things and perform all acts required of it <br />to assure that work on the Improvements proceeds with due <br />diligence to completion and that any and all permits and studies <br />required under law for the Improvements are obtained. <br />4. Interest. The Bonds shall all bear interest <br />payable semiannually on February 1 and August 1 of each year <br />(each, an "Interest Payment Date"), commencing February 1, 1999, <br />calculated on the basis of a 360 -day year of twelve 30 -day <br />months, at the rate of four and twenty hundredths ( 4.20 %) per <br />annum. <br />5. Redemption. All Bonds shall be subject to redemp- <br />tion and prepayment at the option of the City on August 1, 1999, <br />and on any date thereafter at a price of par plus accrued <br />interest. Redemption may be in whole or in part. If redemption <br />is in part, the specific Bonds to be prepaid shall be chosen by <br />lot by the Bond Registrar. Bonds or portions thereof called for <br />redemption shall be due and payable on the redemption date, and <br />interest thereon shall cease to accrue from and after the <br />redemption date. Notice of redemption shall be given by <br />registered or certified mail at least thirty (30) days prior to <br />the date fixed for redemption to the paying agent and to each <br />affected registered holder of the Bonds at the address shown on <br />the registration books. <br />To effect a partial redemption, the Bond Registrar <br />prior to giving notice of redemption shall assign to each Bond a <br />distinctive number for each $5,000 of the principal amount of <br />such Bond. The Bond Registrar shall then select by lot, using <br />such method of selection as it shall deem proper in its <br />discretion, from the numbers so assigned to such Bonds, as many <br />numbers as, at $5,000 for each number, shall equal the principal <br />amount of such Bonds to be redeemed. The Bonds to be redeemed <br />shall be the Bonds to which were assigned numbers so selected; <br />provided, however, that only so much of the principal amount of <br />each such Bond of a denomination of more than $5,000 shall be <br />redeemed as shall equal $5,000 for each number assigned to it and <br />so selected. If a Bond is to be redeemed only in part, it shall <br />be surrendered to the Bond Registrar (with, if the City or Bond <br />Registrar so requires, a written instrument of transfer in form <br />satisfactory to the City and Bond Registrar duly executed by the <br />Holder thereof or his, her or its attorney duly authorized in <br />writing) and the City shall execute (if necessary) and the Bond <br />Registrar shall authenticate and deliver to the holder of such <br />Bond, without service charge, a new Bond or Bonds of the same <br />series having the same stated maturity and interest rate and of <br />any Authorized Denomination or Denominations, as requested by <br />931992.1 6 <br />