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<br />Interest <br /> <br />Interest on the bonds will be payable on August 1, 1987, <br />and semiannually thereafter on each February 1 and <br />August 1. All bonds maturing on the same date must bear <br />interest from date of issue until paid at a single, uniform <br />rate, not exceeding the rate specified for bonds of any <br />subsequent matur i ty by more than one percent (1%). Each <br />rate must be in an integral multiple of 5/100 or 1/8 of 1%, <br />and no rate of interest nor the net effective interest rate <br />of the issue may exceed the maximum rate allowed by law on <br />the date of sale. <br /> <br />Bond Registrar, Transfer Agent and Paying Agent <br /> <br />The City will select and contract with a bank or trust <br />company to act as Bond Registrar, Transfer Agent and Paying <br />Agent (the Registrar). The bond register will be kept, <br />principal and interest will be paid to the registered owner <br />of each Bond and transfers of ownership will be effected by <br />the Registrar. The City will pay the customary and reason- <br />able charges of the Registrar for such services. The City <br />reserves the right to remove the Registrar and appoint a <br />successor. <br /> <br />CUSIP Numbers <br /> <br />The City will assume no obligation for the assignment or <br />printing of CUSIP numbers on the bonds or for the correct- <br />ness of any numbers pr inted thereon but will permi t such <br />numbers to be assigned and pr inted at the expense of the <br />purchaser, provided the purchaser waives any extension of <br />the time of delivery caused thereby. <br /> <br />Delivery <br /> <br />Wi thin 40 days after sale, the Ci ty will furnish and <br />deliver to the office of the purchaser or, at its option, <br />will deposit with a bank in the United States selected by <br />the purchaser and approved by the Ci ty as the purchaser I s <br />agent to examine and take delivery of the bonds, the printed <br />and executed bonds, the approving legal opinion thereon of <br />bond counsel, O'Connor & Hannan, of Minneapolis, Minnesota, <br />and a certificate stating that no litigation in any manner <br />questioning the validity of the bonds is then threatened or <br />pending. The charge of the delivery agent must be paid by <br />the purchaser, but all other costs will be paid by the <br />City. The purchase price must be paid upon delivery of the <br />bonds, or within five days after deposit of the bonds with <br />the delivery agent, in funds available for expendi ture by <br />the City on the day of payment. <br /> <br />- 4 - <br />