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Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the <br /> Improvements shall proceed with due diligence to completion. The City covenants that it shall <br /> do all things and perform all acts required of it to assure that work on the Improvements <br /> proceeds with due diligence to completion and that any and all permits and studies required <br /> under law for the Improvements are obtained. <br /> 4. Interest. The Bonds shall bear interest payable semiannually on June 15 and <br /> December 15 of each year(each, an "Interest Payment Date"), commencing June 15, 2018, <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 /> 2018 2023 <br /> 2019 2024 <br /> 2020 2025 <br /> 2021 2026 <br /> 2022 2027 <br /> 5. Optional Redemption. All Bonds maturing December 15, 2027 and thereafter <br /> shall be subject to redemption and prepayment at the option of the City on December 15, 2026, <br /> and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or <br /> in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the <br /> principal amounts within each maturity to be redeemed shall be determined by the City; and if <br /> 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 from and after the redemption date. Mailed notice of redemption shall be given <br /> to the paying agent and to each affected registered holder of the Bonds not more than sixty(60) <br /> days and not fewer than thirty(30) days prior to the date fixed for redemption. <br /> 6. Bond Registrar. Bond Trust Services Corporation, in Roseville, Minnesota, is <br /> appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond <br /> Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all <br /> pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith. <br /> The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is <br /> duly appointed. Principal and interest on the Bonds shall be paid to the registered Holders (or <br /> record holders) of the Bonds in the manner set forth in the form of Bond and paragraph 12. <br /> 7. Form of Bond. The Bonds,together with the Bond Registrar's Certificate of <br /> Authentication,the form of Assignment and the registration information thereon, shall be in <br /> substantially the following form: <br /> UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> ANOKA COUNTY <br /> CITY OF RAMSEY <br /> 5 <br /> 8394444v1 <br />