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3. Purpose. The Certificates shall provide funds to finance the Project, particularly <br />for the acquisition of capital equipment having a useful life at least as long as the Certificates. <br />The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, <br />Section 475.65, is estimated to be at least equal to the amount of the Certificates. <br /> <br /> 4. Interest. The Certificates shall bear interest payable semiannually on June 15 and <br />December 15 of each year (each, an "Interest Payment Date"), commencing June 15, 2004, <br />calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per <br />annum set forth opposite the maturity years as follows: <br /> <br />Maturity Year <br /> <br />Interest Rate <br /> <br /> 2O04 % <br /> 2005 <br /> 2006 <br /> 2007 <br /> 2008 <br /> <br /> 5. No Redemption. The Certificates shall not be subject to redemption and <br />prepayment prior to their maturity. <br /> <br /> 6. Registrar. U.S. Bank National Association, in St. Paul, Minnesota, is appointed to <br />act as registrar and transfer agent with respect to the Certificates (the "Registrar"), and shall do <br />so unless and until a successor Registrar is duly appointed, alt pursuant to any contract the City <br />and Registrar shall execute which is consistent herewith. The Registrar shall also serve as <br />paying agent unless and until a successor paying agent is duly appointed. Principal and interest <br />on the Certificates shall be paid to the registered holders (or record holders) of the Certificates in <br />the manner set forth in the form of Certificate and paragraph 12. <br /> <br /> 7. Form of Certificate. The Certificates, together with the Registrar's Certificate of <br />Authentication, the form of Assignment and the registration information thereon, shall be in <br />substantially the following form: <br /> <br />1594839vl <br /> <br /> <br />