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<br />. ' <br /> <br />3. The City of New Brighton shall forthwith issue and <br />sell its $l50,000 General Obligation Tax Increment Bond of <br />1982, dated as of the date of delivery thereof. The Bond <br />shall be a single, fully registered bond in the denomination <br />of $150,000; shall bear interest payable semiannually on <br />February 1 and August 1, commencing on August 1, 1983; and <br />the principal installments thereof shall be payable on <br />August 1 in the years and the amounts as set forth below, <br />respectively: <br /> <br /> PRINCIPAL PRINCIPAL <br />YEAR INSTALLMENT YEAR INSTALLMENT <br />1985 $10,000 1989 $20,000 <br />1986 10,000 1990 23,000 <br />1987 20,000 1991 23,000 <br />1988 20,000 1992 24,000 <br /> <br />The principal installments of the Bond maturing after Aug- <br />ust 1, 1988, are subject to prepayment at the option of the <br />City, in inverse order of maturity, in whole or in multiples <br />of $l,OOO, at par and accrued interest, on said date and any <br />interest payment date thereafter. <br /> <br />4. Both principal installments of and interest on the <br />Bond shall be payable at the First State Bank of New <br />Brighton, in the City of New Brighton, Minnesota. <br /> <br />5. <br />form: <br /> <br />The Bond shall be in substantially the following <br /> <br />- 4 - <br />