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(e) Letter of Representations. The provisions in the Letter of Representations are incorporated herein by reference and made a part of the resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Purpose. The total cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. The City covenants that it shall do all things and perform all acts required of it to assure that work on the Improvements proceeds with due diligence to completion and that any and all permits and studies required under law for the Improvements are obtained. The average annual amount of principal and interest due in all subsequent calendar years on the State -Aid Portion of the Bonds and on all other bonds (if any) payable from the City's account in the Municipal State -Aid Street Fund ($367,894) does not exceed 90% of the amount of the last annual allotment preceding the issuance of the State -Aid Portion of the Bonds received by the City from the Construction Account of the Municipal State -Aid Street Fund ($1,015,240). 4. Interest. The Bonds shall bear interest payable semiannually on February 1 and September 1 of each year (each, an "Interest Payment Date "), commencing September 1, 2012, calculated on the basis of a 360 -day year of twelve 30 -day months, at the respective rates per annum set forth opposite the maturity years as follows: Year Interest Rate Year Interest Rate Year Interest Rate 2013 2.00% 2020 2.35% 2027 3.35% 2014 2.00 2021 2.55 2028 3.35 2015 2.00 2022 2.65 2029 3.90 2016 2.00 2023 2.95 2030 3.90 2017 2.00 2024 2.95 2031 3.90 2018 2.00 2025 3.15 2032 3.90 2019 2.05 2026 3.15 4057760v3 functions of the Depository hereunder can be found which, in the opinion of the City, is willing and able to assume such functions upon reasonable or customary terms, or if the City determines that it is in the best interests of the City or the Beneficial Owners of the Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with paragraph 10. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 10, the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (d) shall limit or restrict the provisions of paragraph 10. 6