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-. . Improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds herein authorized. Work on the New Improvements shall proceed with due diligence to completion. 4. The Bonds shall beat interest payable semi- annually on June 1 and December 1 of each year commencing December 1, 1985 at the respective rates per annum set forth opposite the maturity years as follows: Maturity Years Interest Rates 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 6.25% 6.50 7.00 7.25 7.50 7.75 8.10 8.30 8.50 8.70 8.80 5. All Bonds of this issue maturing in the years 1992 to 1996, both inclusive, shall be subject to redemption and prepayment at the option of the City on December 1, 1991 and on any interest payment date thereafter at par and accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date shall be prepaid first~ and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. PUblished notice of redemption shall in each case be given in accordance with law, and mailed notice of redemption shall be given to the paying agent and to each registered holder of the Bonds. To effect a partial redemption of Bonds having a com- mon maturity date, the Bond Registrar prior to giving notice of redemption, shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in . 3