Resolution - #03-12-329 - 12/09/2003

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such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Purpose. The Certificates shall provide funds to finance the Project, particularly for the acquisition of capital equipment having a useful life at least as long as the Certificates. The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is esti~nated to be at least equal to the amount of the Certificates. 4. Interest. The Certificates shall bear interest payable semiannually on June 15 and December 15 of each year (each, an "Interest Payment Date"), commencing June 15, 2004, 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: Maturity Year Interest Rate 2004 2005 2006 2007 2008 5. No Redemption. The Certificates shall not be subject to redemption and prepayment prior to their maturity. 6. Registrar. U.S. Bank National Association, in St. Paul, Minnesota, is appointed to act as registrar and transfer agent with respect to the Certificates (the "Registrar"), and shall do so unless and until a successor Registrar is duly appointed, all pursuant to any contract the City and Registrar shall execute which is consistent herewith. The Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal and interest on the Certificates shall be paid to the registered holders (or record holders) of the Certificates in the manner set forth in the form of Certificate and paragraph 12. 7. Form of Certificate. The Certificates, together with the Registrar's Certificate of Authentication, the fon~ of Assignment and the registration information thereon, shall be in substantially the following form: 1594839vl