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, , 5/100 or 1/8 of 1%, and no rate of interest nor the net effective interest rate of the issue may exceed the maximum rate allowed by law on the date of sale. Payinq Aqent/Bond Reqistrar The city will select the Paying Agent/Bond Registrar for the Bonds and will pay the customary charges for such ser- vices. The paying Agent/Bond Registrar will be S.E.C. reg- istered. CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the bonds or for the cor rect- ness of any numbers printed thereon but will permit such numbers to be assigned and printed at the expense of the purch ase r, prov ided the purch ase r waives any e xtens ion, of the time of delivery caused thereby. Delivery Wi thin 40 days after sale, the Ci ty wi 11 furnish and deli ver to the of fice of the purchaser or, at its option, will deposit with a bank in the United States selected by the purchaser and approved by the City as the purchaser's agent to examine and take delivery of the bonds, the printed and executed bonds, the unqualified legal opinion thereon of O'Connor & Hannan, bond counsel, and a certificate stating that no li tigation in any manner questioning the validity of the bonds is then threatened or pending. The charge of the delivery agent must be paid by the purchaser, but all other costs will be paid by the city. The purchase price must be paid upon delivery of the bonds, or within five days after depos it of the bonds wi th the deli very agen t,' in funds available for expenditure by the City on the day of payment. Legal Opinion An unquali fied legal opinion on the bonds wi 11 be fur- nished by O'Connor & Hannan, of Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser and will state that the bonds are valid and binding general obligations of the City, payable primarily from ad valorem taxes derived from increased assessed valua- tions of property within the City's Tax Increment Financing District No.3, and that, if required for such purpose, the City is obligated to levy taxes for the payment of principal of and interest on the bonds as the same become due without limit as to rate or amount. - 4 -