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within the Housing Improvement Area (the "Fees") , which fees have been pledged to the <br />payment of the Sonds and interest thereon. The total cost of the Housing Improvements, which <br />shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at <br />least equal to the amount of the Sonds. Work on the Housing Improvements shall proceed with <br />due diligence to completion. The City covenants that it shall do all things and perform all acts <br />required of it to assure that work on the Housing Improvements proceeds with due diligence to <br />completion and that any and all permits and studies required under law for the Housing <br />Improvements are obtained. <br />4. Interest. The Sonds shall bear interest payable semiannually on March 1 and <br />September 1 of each year (each, an "Interest Payment Date ") , commencing March 1, 2010, <br />calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per <br />annum set forth opposite the maturity years as follows: <br />Maturity Year Interest Rate <br />2011 <br />2012 <br />2013 <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />2025 <br />5. Redem�tion. All Sonds maturing on March 1, 2020, and thereafter, shall be <br />subject to redemption and prepayment at the option of the City on March 1, 2019, and on any <br />date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of <br />the Sonds subject to prepayment. If redemption is in part, the maturities and the principal <br />amounts within each maturity to be redeemed shall be determined by the City; and if only part of <br />the Sonds having a common maturity date are called for prepayment, the specific Sonds to be <br />prepaid shall be chosen by lot by the Sond Registrar. Sonds or portions thereof called for <br />redemption shall be due and payable on the redemption date, and interest thereon shall cease to <br />accrue from and after the redemption date. Mailed notice of redemption shall be given to the <br />paying agent and to each affected registered holder of the Sonds. <br />To effect a partial redemption of Sonds having a common maturity date, the Sond <br />Registrar prior to giving notice of redemption shall assign to each Sond having a common <br />maturity date a distinctive number for each $5,000 of the principal amount of such Sond. The <br />Sond Registrar shall then select by lot, using such method of selection as it shall deem proper in <br />2377798v1 6 <br />