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City determines that it is in the best interests of the City or the Beneficial Owners of the <br />Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds <br />shall no longer be registered as being registered in the bond register in the name of the <br />Nominee, but may be registered in whatever name or names the Holder of the Bonds <br />shall designate at that time, in accordance with paragraph 10. To the extent that the <br />Beneficial Owners are designated as the transferee by the Holders, in accordance with <br />paragraph 10, the Bonds will be delivered to the Beneficial Owners. <br /> <br />(iii)Nothing in this subparagraph (c) shall limit or restrict the provisions of <br />paragraph 10. <br /> <br />(d)Letter of Representations. The provisions in the Letter of Representations are <br />incorporated herein by reference and made a part of the resolution, and if and to the extent any <br />such provisions are inconsistent with the other provisions of this resolution, the provisions in the <br />Letter of Representations shall control. <br />3. Purpose. The Bonds shall provide funds to finance the Project. The total cost of <br />the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is <br />estimated to be at least equal to the amount of the Bonds. Work on the Project shall proceed <br />with due diligence to completion. The City covenants that it shall do all things and perform all <br />acts required of it to assure that work on the Project proceeds with due diligence to completion <br />and that any and all permits and studies required under law for the Project are obtained. <br />4. Interest. The Bonds shall bear interest payable semiannually on June 1 and <br />December 1 of each year (each, an "Interest Payment Date"), commencing December 1, 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 years as follows: <br />Maturity Year Interest Rate Maturity Year Interest Rate <br /> <br />2017 2027 <br />2018 2028 <br />2019 2029 <br />2020 2030 <br />2021 2031 <br />2022 2032 <br />2023 2033 <br />2024 2034 <br />2025 2035 <br />2026 <br /> <br />5. Optional Redemption. All Bonds maturing December 1, 2024 and thereafter shall <br />be subject to redemption and prepayment at the option of the City on December 1, 2023, and on <br />any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part <br />of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal <br />amounts within each maturity to be redeemed shall be determined by the City; and if only part of <br />the Bonds having a common maturity date are called for prepayment, the specific Bonds to be <br /> 5 <br />7096715v1 <br /> <br /> <br />