11-14-01 1. INDENTURE OF TRUST - Laserfiche WebLink

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Section 3.02 Written Notice to Trustee. If the Bonds are to be redeemed pursuant to Section 3.01, the Borrower shall give written direction to the Trustee 60 days prior to the date of Redemption of its intent to redeem,and the Trustee shall then prepare a notice in the name of the City or in its own name describing the outstanding Bonds to be redeemed,the date of redemption,and the redemption price and the manner in or place at which Bonds are to be tendered for payment. Section 3.03 Mailing and Publication of Notice. Notice of redemption (including when only a portion of the Bonds is to be redeemed,the Series and numbers of such Bonds or the maturities thereof)shall be mailed by the Trustee,not earlier than sixty days(60)nor later than thirty(30)days before the redemption date by first class, certified or registered mail, to the registered owners of any Bonds which are to be redeemed,at their last addresses appearing upon the registry books for the Bonds maintained by the Trustee. If required by the Act or other applicable law a similar notice shall also be published by the Trustee in such manner as may be required by the Act or other applicable law. No notice of redemption need be given if the Holders of all Bonds called for redemption waive notice thereof in writing and such waiver is filed with the Trustee. In addition, at the request of the Authorized Borrower Representative,notice for any redemption not occurring as a result of sinking fund redemption or as a mandatory requirement of the terms of the Bonds, shall include a statement that the redemption so noticed is conditioned on sufficient funds being held by the Trustee in the Bond Fund or Optional Redemption Fund on or before noon, Minneapolis time, on the applicable redemption date to pay the full redemption price, and if at such time the amount so held is not sufficient to pay all amounts required to effect the noticed redemption in full, the redemption shall be cancelled,with all Bonds tendered for such redemption being returned to the Holders thereof,and no Event of Default or liability on the part of the Borrower shall arise as a result of such cancellation. The Borrower shall pay all extraordinary fees and expenses incurred in connection with a rescinded call. Section 3.04 Deposit for Redemption. Upon deposit with the Trustee of the aggregate amount of any redemption price and interest(in addition to payments of Loan Repayments or amounts withdrawn from the Revenue Fund), such moneys shall be set aside by the Trustee and held by it for the account of the respective Holders of the Bonds being redeemed. Section 3.05 Payment of Redeemed Bonds. After notice of redemption shall have been given as provided in Section 3.03,the Bonds specified in such notice shall become due and payable on the redemption date. Payment of the redemption price and interest shall be made to or upon order of each registered owner, upon the surrender of the Bonds(except as otherwise herein provided). Any installment of interest maturing on or prior to the redemption date shall be payable to the registered owners of Bonds on the relevant Record Dates according to the terms of such Bonds and the provisions of Section 2.05 and the notice of redemption herein provided for may so state. If sufficient moneys are available for the payment of all of the Bonds called for redemption on the redemption date,the Bonds so called shall cease to bear interest after the redemption date, and such Bonds shall not be deemed to be outstanding hereunder for any purpose, except that the Holders thereof,on presentation,as herein provided,shall be entitled to receive payment of the redemption price and interest accrued thereon to the redemption date from the moneys held by the Trustee as herein provided. If funds sufficient for the payment in full of any redemption (other than a sinking fund redemption) are not on deposit in the Bond Fund or Optional Redemption Fund on or before noon, Minneapolis time, on the redemption date,the redemption shall be cancelled with respect to all Bonds for which notice of such redemption on such redemption date shall have been given, and the Trustee shall promptly return to the Holders thereof all Bonds theretofore and thereafter received by the Trustee for such redemption date. - 30 -