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<br />Bonds shall mature on March 1 in the years and amounts as <br />follows: <br /> <br />Year Amount Year Amount <br />1989 $l50,000 1997 $320,000 <br />1990 175,000 1998 340,000 <br />1991 190,000 1999 350,000 <br />1992 190,000 2000 400,000 <br />1993 220,000 200l 420,000 <br />1994 240,000 2002 460,000 <br />1995 260,000 2003 495,000 <br />1996 290,000 <br /> <br />3. Purpose. The Bonds shall provide funds to <br />finance the construction of the Improvements. The total cost <br />of the Improvements, which shall include all costs enumerated <br />in Minnesota Statutes, Section 475.65, is estimated to be at <br />least equal to the amount of the Bonds. Work on the <br />Improvements shall proceed with due diligence to completion. <br /> <br />4. Interest. The Bonds shall bear interest payable <br />semiannually on March 1 and September 1 of each year (each, <br />an "Interest Payment Date"), commencing September 1, 1988, <br />calculated on the basis of a 360-day year of twelve 30-day <br />months, at the respective rates per annum set forth opposite <br />the maturity years as follows: <br /> <br />Maturity Interest Maturity Interest <br />Year Rate Year Rate <br />1989 4.70% 1997 6.20% <br />1990 5.00 1998 6.30 <br />1991 5.20 1999 6.40 <br />1992 5.40 2000 6.50 <br />1993 5.60 2001 6.60 <br />1994 5.80 2002 6.70 <br />1995 6.00 2003 6.75 <br />1996 6.10 <br /> <br />5. Description of the Global Certificates and <br />Global Book-Entry System. Upon their original issuance the <br />Bonds will be issued in the form of a single Global <br />Certificate for each maturity, deposited with the Depository <br />by the Purchaser and immobilized as provided in paragraph 6. <br />No beneficial owners of interests in the Bonds will receive <br />certificates representing their respective interests in the <br />Bonds except as provided in paragraph 6. Except as so <br /> <br />4 <br />