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5313747v2 5 (ii) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute secu rities depository is willing to undertake the functions of the Depository hereunder can be found which, in the opinion of the City, is willing and able to assume such functions upon reasonable or customary terms, or if the City determines that it is in the best interest s of the City or the Beneficial Owners of the Bond that the Beneficial Owners be able to obtain certificates fo r the Bonds, the Bonds shall no longer be registered as being regist ered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with paragraph 10. To the extent that the Beneficial Owners are designated as the tran sferee by the Holders, in accordance with paragraph 10, the Bonds will be deli vered to the Beneficial Owners. (iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 10. (d) Letter of Representations. The provisions in the Letter of Representations are incorporated herein by reference and made a part of the resoluti on, and if and to the extent any such provisions are inconsistent w ith the other provisions of this re solution, the prov isions in the Letter of Representations shall control. 3. Purpose; Refunding Findings. The Bonds shall provide funds for a crossover refunding of the Refunded Bonds (t he "Refunding"). It is hereby found, determined and declared that the Refunding is pursuant to Minnesota Statutes, Section 475.67, Subdi vision 13, and as of the crossover date of the Bonds, shall result in a reduction of the pres ent value of the dollar amount of the debt service to the City from a total dollar amount of $_______________ for the Prior Bonds to a total dollar amount of $_______________ for the Bonds (as hereinafter defined), computed in accordance with the provisions of Minnesot a Statutes, Section 475.67, Subdivision 12, and accordingly the dollar amount of such present value of the debt service for the Bonds is lower by at least th ree percent than the dollar amount of such present value of the debt service for the Prior Bonds as required in Minnesota Statutes, Section 475.67, Subdivision 12. 4. Interest. The Bonds shal l bear interest payable semiannually on March 1 and September 1 of each year (each, an "Inter est Payment Date"), commencing March 1, 2014, calculated on the basis of a 360-day year of tw elve 30-day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturity Year Interest Rate 2015 2016 2017 2018 2019 5. No Optional Redemption. The Bonds are not subject to redemption and prepayment prior to their stated maturity dates.