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such provisions are inconsistent with the other provisions of this resolution, the provisions in the <br />Letter of Representations shall control. <br /> <br /> 3. Purpose. The Bonds shall provide funds to finance the Project. Pursuant to the <br />Plan, tax increments derived from the Tax Increment District (the "Tax Increments") established <br />pursuant to the Plan, have been pledged to the payment of the Bonds and interest thereon. The <br />estimated collection of Tax Increments exceeds twenty pement (20%) of the cost of the Project. <br />The total cost of the Project, 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 Project <br />shall proceed with due diligence to completion. The City covenants that it shall do all things and <br />perform all acts required of it to assure that work on the Project proceeds with due diligence to <br />completion and that any and all permits and studies required under law for the Project are <br />obtained. <br /> <br /> 4. Interest. The Bonds shall bear interest payable semiannually on Jnne 1 and <br />December 1 of each year (each, an "Interest Payment Date"), commencing December 1, 2006, <br />calculated on the basis ora 360-day year of twelve 30-day months, at the respective rates per <br />annum set foah opposite the maturity years as follows: <br /> <br />Maturity Year <br /> <br />~terestRge <br /> <br />2006 <br />2007 <br />2008 <br />2009 <br />2010 <br />2011 <br /> <br /> 5. Redemption. The Bonds shall not be subject to redemption and prepayment prior <br />to their maturity. <br /> <br /> 6. Bond Registrar. Northland Trust Services, Inc., Minneapolis, 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 /> <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 /> <br /> 5 <br />Ig49055vl <br /> <br /> <br />