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responsibilities with respect thereto under applicable law. The City may terminate the services of the Depository with respect to the Sond if it determines that the Depository is no longer able to carry out its functions as securities depository or the continuation of the system of book-entry transfers through the Depository is not in the best interests of the City or the Seneficial Owners. (ii) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute securities 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 interests of the City or the Seneficial Owners of the Sond that the Seneficial Owners be able to obtain certificates for the Sonds, the Sonds shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Sonds shall designate at that time, in accordance with paragraph 10. To the extent that the Seneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 10, the Sonds will be delivered to the Seneficial Owners. (iii) Nothing in this subparagraph (d) 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 resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Purpose; Refunding Findin�s. The Sonds shall provide funds for a current refunding of the Refunded Sonds (the "Refunding"). It is hereby found, determined and declared that the Refunding is pursuant to Minnesota Statutes, Section 475.67, and shall result in a reduction of debt service cost to the City. 4. Interest. The Sonds shall bear interest payable semiannually on March 1 and September 1 of each year (each, an "Interest Payment Date ") , commencing March 1, 2010, calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturitv Year Interest Rate 2010 2011 2012 2013 2014 5. No Optional Redemption. The Sonds shall not be subject to redemption and prepayment prior to their stated maturity dates. 2377316v1 5