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Redemption. Bonds of this issue (the "Bonds") maturing on February 1, , and
<br />thereafter, are subject to redemption and prepayment at the option of the Issuer on February 1,
<br />__, and on any date thereafter at a price of par plus accrued interest. Redemption may be in
<br />whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and
<br />the principal amounts within each maturity to be redeemed shall be determined by the Issuer; and
<br />if only part of the Bonds having a common maturity date are called for prepayment, the specific
<br />Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof
<br />called for redemption shall be due and payable on the redemption date, and interest thereon shall
<br />cease to accrue fi'om and after the redemption date. Notice of redemption shall be given by
<br />registered or certified mail at least thirty (30) days prior to the date fixed for redemption to the
<br />paying agent and to each affected registered holder of the Bonds at the address shown on the
<br />registration books.
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<br /> Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption
<br />of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a
<br />common maturity date a distinctive number for each $5,000 of the principal amount of such
<br />Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall
<br />deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at
<br />$5,000 for each number, shall equal the principal amount of such Bonds to be redeelned. The
<br />Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided,
<br />however, that only so much of the principal amount of such Bond of a denomination of more
<br />than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so
<br />selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar
<br />(with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form
<br />satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or the Holder's
<br />attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond
<br />Registrar shall authenticate and deliver to the Holder of the Bond, without service charge, a new
<br />Bond or Bonds having the same stated maturity and interest rate and of any Authorized
<br />Denomination or Denominations, as requested by such Holder, in aggregate principal amount
<br />equal to and in exchange for the unredeemed portion of the principal of the Bond so
<br />surrendered..
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<br /> issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal
<br />amount of $945,000, all of like date of original issue and tenor, except as to number, maturity,
<br />interest rate, denomination and redemption privilege, issued pursuant to and in full conformity
<br />with the City Charter, the Constitution and laws of the State of Minnesota and pursuant to a
<br />resolution adopted by the City Council of the Issuer on January 14, 2003 (the "Resolution"), for
<br />the purpose of providing money to redeem on March 1, 2003, all of the Issuer's outstanding
<br />General Obligation Tax Increment Refunding Bonds, Series 1993A, dated November 1, 1993.
<br />This Bond is payable out of the General Obligation Tax Increment Refunding Bonds of 2003
<br />Fund of the Issuer. This Bond constitutes a general obligation of the Issuer, and to provide
<br />moneys for the prompt and full payment of its principal, premium, if any, and interest when the
<br />same become due, the full faith and credit and taxing powers of the Issuer have been and are
<br />hereby irrevocably pledged.
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<br /> Denominations; Exchange; Resolution. The Bonds are issuable solely in fully registered
<br />form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully
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<br />1487836vl 8
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