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3. For the purposes of complying with Minnesota Statutes, Section 475.54, Subdivision 1, the maturity schedule for the Bonds has been combined with the maturity schedule for the City's outstanding $5,125,000 General Obligation Improvement Bonds, Series 11, dated June 1, 1983, as permitted by Minnesota Statutes, Section 475.54, SUbdivision 2. 4. The following provisions of paragraph 4 shall apply only to the Highway Bonds: The Highway Bonds shall provide funds to finance right-of-way acquisition, bridge and street construction in connection with a state-aid street project in the City (the "Project"). The total cost of the Project which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Highway Bonds herein authorized. Work on the Project shall proceed with due diligence to completion. The average annual principal and interest due in all subsequent calendar years on the Highway Bonds including any other obligations issued by the City pursuant to Minnesota Statutes, Section 162.18, does not exceed 50% of the amount of the last annual allotment preceding the issuance of the Highway Bonds received by the City from the Construction Account in the City's State-Aid Highway Fund. 5. The following provisions of paragraph 5 shall apply only to the Series 1 Bonds: The Series 1 Bonds shall provide funds to finance the Project. Tax increments derived from the Tax Increment Districts are herein pledged to the payment of the Series 1 Bonds and any other tax increment bonds issued to complete, modify or expand the Project. It is not anticipated that any net proceeds from the ?roject will be available for the payment of debt service on the Series 1 Bonds. The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Series 1 Bonds herein authorized. Work on the Project shall proceed with due diligence to completion. 6. The Bonds shall bear interest payable semi- annually on February 1 and Au~ust 1 of each year commencin~ August 1, 1986 at the respect~ve rates per annum set forth opposite the maturity years as follows: 4