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. 0,�. .. � O � � . � . . . • l CITY of ORONO � � - : � . , ti ti RESOLUTION OF THE CITY COUNCIL .. ��`9.�f Og'�G NO. .� � � `�' . . ESS Registered Owner: � Principal Amount: �� i The City of Orono, Hemiepin County, Miilnesota, for value received, hereby � � ' promises to pay to the Registered Ovv�ier specified above, or registered assigns, the Principal Amount specified above on the maturity date specified aUove, upoii the presentation and , ' sunender hereof, and to pay to the Registered Owner hereof interest on such Principal • Amount at the I�Zterest Rate specified above from Deceinber 29, 2004, or the most recent interest payinent date to which interest has Ueen paid or duly provided for as specified below, on February 1 and August 1 of each year, coirimencing August 1, 2005,'until said principal , amount is paid. Principal is payable in lawful money of the United States of Ainerica at the office of U.S. Bank National Association, in St. Paul, Mimlesota, as Bond Registrar or of its - � successor as Bond Registrar designated by the City upon 60 days' notice to the registered � owners at their registered addresses. Interest shall be paid on each February 1 and August 1 interest payment date Uy check or draft mailed to the person in whose name this Bond is � registered at the close of business on the 15th day of the month precedulg each interest . pa}nnent date (whether or not a business day) at said person's address set forth on the registration books maintained by the Bond Registrar. Any such interest not punctually paid or provided for will cease to be payable to the owner of record as'of such regular record dates and such defaulted interest may be paid to the person in whose name this Bond shall be registered at the close of business on a special record date for the payrizent of such defaulted � � interest established by the Bond Registrar. " � The Bonds of tlzis series maturing on or after February 1, 2011, are subject to � redemption at the option of the City, in whole or in part in such order as the City may determine and by lot within a maturity, on February 1, 2010 and any date thereafter at par � and accrued interest. Thirty days' notice of prior redemption will be given by mail to the � � �� . bank where the Bonds are payable and to the registered owners in the manner provided by � Chapter 475, Mimzesota Statutes. Any defect in mailing notice of redemption shall riot affect � the validity of the�proceedings�for�redemption: �Any Bond calle`d'for redemption;and for tlie payment of which moneys are set aside by the City on the redemption date, shall not bear interest after the redemption date,regardless of any delay in its presentation. �1� During such time as this Bond is registered in the name of Cede & Co., as � � � I nonunee of Depository Trust Company New York,New York ("DTC"), the method of � ' payment,notice of redemption and certain other matters are subject to the terms of a Blanket � � Page 3 of 13 �