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12831294v1 <br /> <br /> 5 <br /> <br />(i) The Depository may determine to discontinue providing its services with <br />respect to the Bonds at any time by giving written notice to the City and discharging its <br />responsibilities with respect thereto under applicable law. The City may terminate the <br />services of the Depository with respect to the Bond if it determines that the Depository is <br />no longer able to carry out its functions as securities depository or the continuation of the <br />system of book-entry transfers through the Depository is not in the best interests of the <br />City or the Beneficial Owners. <br />(ii) Upon termination of the services of the Depository as provided in the <br />preceding paragraph, and if no substitute securities depository is willing to undertake the <br />functions of the Depository hereunder can be found which, in the opinion of the City, is <br />willing and able to assume such functions upon reasonable or customary terms, or if the <br />City determines that it is in the best interests of the City or the Beneficial Owners of the <br />Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds <br />shall no longer be registered as being registered in the bond register in the name of the <br />Nominee, but may be registered in whatever name or names the Holder of the Bonds <br />shall designate at that time, in accordance with paragraph 10. To the extent that the <br />Beneficial Owners are designated as the transferee by the Holders, in accordance with <br />paragraph 10, the Bonds will be delivered to the Beneficial Owners. <br />(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. Purpose. The Bonds shall provide funds to finance the Project. The total cost of <br />the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is <br />estimated to be at least equal to the amount of the Bonds. Work on the Project shall proceed <br />with due diligence to completion. The City covenants that it shall do all things and perform all <br />acts required of it to assure that work on the Project proceeds with due diligence to completion <br />and that any and all permits and studies required under law for the Project 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 August 1, 2021, <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 <br /> <br />2022 5.00% 2032 1.10% <br />2023 5.00% 2033 1.20% <br />2024 5.00% 2034 1.30% <br />2025 5.00% 2035 1.40% <br />2026 5.00% 2036 1.50% <br />2027 5.00% 2047 1.55%