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a total dollar amount of $7,057,650.00 for the Prior Abatement Bonds to a total dollar amount of <br />$6,740,092.50 for the Abatement Refunding Portion of the Bonds (as hereinafter defined), <br />computed in accordance with the provisions of Minnesota Statutes, Section 475.67, Subdivision <br />12, and accordingly the dollar amount of such present value of the debt service for the <br />Abatement Refunding Portion of the Bonds is lower by at least three percent than the dollar <br />amount of such present value of the debt service for the Prior Abatement Bonds all as required in <br />Minnesota Statutes, Section 475.67, Subdivision 12. <br />5. Interest. The Bonds shall bear interest payable semiannually on February 1 and <br />August 1 of each year (each, an "Interest Payment Date"), commencing December 15, 2013, <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 <br />2016 <br />0.50% <br />2017 <br />0.65% <br />2018 <br />0.85% <br />2019 <br />1.00% <br />2020 <br />1.15% <br />6. No Optional Redem tp ion. The Bonds are not subject to redemption and <br />prepayment prior to their stated maturity dates. <br />7. Bond Registrar. U.S. Bank National Association, in Saint Paul, Minnesota, is <br />appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond <br />Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all <br />pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith. <br />The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is <br />duly appointed. Principal and interest on the Bonds shall be paid to the registered holders (or <br />record holders) of the Bonds in the manner set forth in the form of Bond and paragraph 12. <br />8. Form of Bond. The Bonds, together with the Bond Registrar's Certificate of <br />Authentication, the form of Assignment and the registration information thereon, shall be in <br />substantially the following form: <br />7 <br />5253945x1 <br />