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Holder, Bondholder or Owner: the person or persons in whose name any Bond shall be <br />registered, <br /> <br />indenture: this Indenture of Trust, and any amendments or supplements hereto. <br /> <br /> Independent: any person who is not an officer or a full-time employee of the Issuer or <br />the City. <br /> <br /> Independent Counsel: an Independent attorney duly admitted to practice law before the <br />highest court of any state. <br /> <br /> Independent Engineer: an Independent engineer or engineering firm or an Independent <br />architect or architectural firm qualified to practice the profession of engineerir{g or architecture <br />under the laws of the State of Minnesota. <br /> <br />Insurer: <br /> <br /> Interest Payment Date: for the Series 2005A Bonds, each June 15 and December 15, <br />commencing June 15, 2006. <br /> <br /> Internal Revenue Code: the Internal Revenue Code of 1986, as amended from time to <br />time. <br /> <br /> Issuer: the Economic Development Authority of the City of Ramsey, Minnesota. <br /> <br /> Issuer Powers Act: Minnesota Statutes, Sections 469.090 to 469.1082 and Sections <br />469.001 through 469.047, and all powers referenced therein as from time to time amended. <br /> <br /> Issuer Representative: the Chair or the Vice Chair of the Issuer and any other person or <br />persons at the time designated to act on behatf of the Issuer by written certificate furnished to the. <br />Trustee, containing the specimen signature of such person and signed on behalf of the Issuer by <br />its Chair or Vice Chair. <br /> <br /> Land: the real property [eased to the Issuer under the Ground Lease and described in <br />Exhibit A hereto. <br /> <br /> L. ease: the Lease Agreement, dated as of June 1, 2005, by and between the Issuer, as <br />Landlord, and the City, as Tenant, and respecting the Project. <br /> <br /> Opinion of Counsel: a written opinion of counsel (who need not be Independent Counsel <br />unless so specified) appointed by the Issuer or City and acceptable to the Trustee. <br /> <br /> Outstanding: used as of any particular time with reference to Bonds, means (subject to <br />the provisions of Section 9.03 pertaining to Bonds held by the Issuer or the City) ail Bonds <br />thereto fore authenticated and delivered by the Trustee under the Indenture except: (i) Bonds <br />theretofore cancelled by the Trustee or surrendered to the Trustee for cancellation; (ii) Bonds for <br />the payment or redemption of which funds or direct obligations of or obligations fully guaranteed <br />by the United States of America in the necessary amount shall have theretofore been deposited' <br /> <br />82 <br /> <br />1763903vl <br /> <br /> <br />