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3. Purpose. The Certificates shall provide funds to finance the Equipment. The total <br />cost of the Equipment, which shall include all costs enumerated in Minnesota Statutes, Section <br />475.65, is estimated to be at least equal to the amount of the Certificates. <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, 2015, . <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 dates as follows: <br />Maturity Year <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />Interest Rate <br />5. No Optional Redemption. The Certificates are not subject to redemption and <br />prepayment prior to their stated maturity dates. <br />6. Registrar. Bond Trust Services Corporation, in Roseville, Minnesota, is <br />appointed to act as registrar and transfer agent with respect to the Certificates (the "Registrar "), <br />and shall do so unless and until a successor Registrar is duly appointed, all pursuant to any <br />contract the City and Registrar shall execute which is consistent herewith. The Registrar shall <br />also serve as paying agent unless and until a successor paying agent is duly appointed. Principal <br />and interest on the Certificates shall be paid to the registered holders (or record holders) of the <br />Certificates in the manner set forth in the form of Certificate and paragraph 12. <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 />5 <br />