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3. Purpose. The Bonds shall provide funds to finance the Improvements. The total <br />cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, <br />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 December 15, 2023, <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 />2023 2031 <br />2024 2032 <br />2025 2033 <br />2026 2034 <br />2027 2035 <br />2028 2036 <br />2029 2037 <br />2030 <br />5. Optional Redemption. All Bonds maturing December 15, 2033 and thereafter <br />shall be subject to redemption and prepayment at the option of the City on December 15, 2032, <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 />To effect a partial redemption of Bonds having a common maturity date, the Bond <br />Registrar prior to giving notice of redemption shall assign to each Bond having a common <br />maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The <br />Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in <br />its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for <br />each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be <br />redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, <br />that only so much of the principal amount of each such Bond of a denomination of more than <br />$5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If <br />a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the <br />City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the <br /> 5 <br /> <br />