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s <br />or "Project") in the City. The total cost of the Improvements, <br />which shall include all costs enumerated in Minnesota Statutes, <br />Section 475.65, is estimated to be at least equal to the amount <br />of the Bonds. Work -on the Improvements shall proceed with due <br />diligence to completion. The City covenants that it shall do all <br />things and perform all acts required of it to assure that work on <br />the Project proceeds with due diligence to completion and that <br />any and all permits and studies required under law for the <br />Project are obtained. <br />4. Interest. The Bonds shall bear interest payable <br />semiannually on February 1 and August 1 of each year (each, an <br />"Interest Payment Date"), commencing August 1, 1991, calculated <br />on the basis of a 360 -day year of twelve 30 -day months, at the <br />respective rates per annum set forth opposite the maturity years <br />as follows: <br />1993 <br />5.75% <br />2001 <br />6.50% <br />1994 <br />5:80% <br />2002 <br />6.60% <br />1995 <br />5.90% <br />2003 <br />6.7.0% <br />1996 <br />6.00% <br />2004 <br />6.80% <br />1997 <br />6.10% <br />2005 <br />6.90% <br />1998 <br />6.20% <br />2006 <br />7.00% <br />1999 <br />6.30% <br />2007 <br />7.00% <br />2000 <br />6.40% <br />5. Description of the Global Certificates and Global <br />Book -Entry system. Upon their original issuance the Bonds will <br />be issued in the form of a single Global Certificate for each <br />maturity, deposited with the Depository by the Purchaser and <br />immobilized as provided in paragraph 6. No beneficial owners of <br />interests in the Bonds will receive certificates representing <br />their respective interests in the Bonds except as provided in <br />paragraph 6. Except as so provided, during the term of the <br />Bonds, beneficial ownership (and subsequent transfers of <br />beneficial ownership) of interests in the Global Certificates <br />will be reflected by book entries made on the records of the <br />Depository and its Participants and other banks, brokers, and <br />dealers participating in the National System. The Depository's <br />book entries of beneficial ownership interests are authorized to <br />be in increments of $5,000 of principal of the Bonds, but not <br />smaller increments, despite the larger authorized denominations <br />of the Global Certificates. Payment of principal of, premium, if <br />any, and interest on the Global Certificates will be made to the <br />Bond Registrar as paying agent, and in turn by the Bond Registrar <br />to the Depository or its nominee as registered owner of the <br />Global Certificates, and the Depository according to the laws and <br />11676 <br />5 <br />