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-2- FOR THE PAYHENT OF WATER HIPROVE\1ENT BONDS AND APPROPRIATING TO TIIAT FUND TAXES AND SPECIAL ASSESSMENTS LEVIED FOR IMPROVEMENTS FINANCED BY SUCH BONDS", which is by reference incorporated herein and made a part hereof. The bonds shall be 1250 in number and numbered from 1 to 1250, inclusive, designated Water Improvement Bonds, Series 3, dated as of June 1, 1963, and shall mature serially on June 1 in the amount of $250,000 in 1964, and $50,000 in each of the years 1965 through 1984. The bonds maturing in the years 1964 through 1973 shall not be subject to redemption before maturity. but those maturing in the years 1974 through 1984 shall be each subject to redemption and prepayment at the option of the Village on June 1, 1973, and any interest payment date thereafter, at par plus accrued interest to the date specified for redemption, plus a premium of 2% of the par value of each bond prepaid on or before December l, 1977. and without premium if prepaid on or after June 1, 1978. Of the bonds outstanding at the time of redemption, those bearing the highest coupon rates shall be prepaid first, in inverse order of their serial numbers. Not less than thirty days before the date specified for prepayment and redemption of any of the bonds, the Treasurer shall mail notice of the call thereof to the bank at which principal and interest are then payable and to the holder, if knowlJ.,of each bond to be prepaid. The Treasurer and his successors in office shall main- tain a record of the names and addresses of the holders of prepayable bonds of the issue, so far as such information is made available to them, for the purpose of mai ling such notices. The bonds, shall bear interest at the following respective rates from date of issue until paid or until provision for such payment has been made by deposit with the paying agent at maturity or upon prior call for redemption: Bonds maturing in the year 1964 at 290 pe r annum Bonds maturing in the years 1965 through 1966 at 2.50% per ann tun Bonds maturing in the years 1967 through 1969 at 3.00% per annum Bonds maturing in the years 1970 through 1972 at 3.2090 per annum Bonds maturing in the years 1973 through 1978 at 3.50% per annum Bon ds maturing in the years 1979 through 1984 at 3.60% )Jer ann urn Each and all of the bonds shall bear additional interest at the rate of 2.00% per annum from September 10, 1963 to June 1, 1964. The interest shall he payable June 1, 1964, and semiannually thereafter on December 1 and June 1 in each year, and interest to maturity shall be represented by two sets of interest coupons appurtenant to each bond, one representing interest at the basic rate from date of issue to maturity and the other set, designated as "B" coupons, representing the additional interest pay- able for the limited period stated above. The principal of and interest on the bonds sha.ll be payable to The First National Bank of Saint Paul, St. Paul, Minnesota, and the Village hereby agrees to pay the reasonable and customary charges of the paying agent for the receipt and disbursement thereof. 3. TI1e bonds and the appurtenant interest coupons shall be in substantially the following form: