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• � Resolution #1772 • 4 . The Bonds shall be payable upon presentation at the main of fice of Fi rst Natl Bank of Mnl sin Mi nneapol i s , as Registrar and Paying Agent, or at the offices of such other successor agents as the City may hereafter designate upon 60 days mailed notice .to the registered addresses. Interest shall be paid by check or draft of the Registrar mailed to the registered owners at their addresses shown on the registration books on each interest payment date unless other arrangements satisfactory to the Bond Registrar the City and the registered owners of Bonds are made. The City shall deposit immediately available funds with the Bond Registrar sufficient for the payment of such interest as is to be paid in such manner on the business day preceding each interest payment date. 5 . The Bonds shall be prepared under the direction of the City Clerk and when so prepared shall be executed on behalf of the City by the facsimile signature of the Mayor and by the fac- simile signature of the City Clerk, under a facsimile of its official seal. The Bonds shall not be valid for any purpose until authenticated by the Bond Registrar. The Bond Registrar is authorized and directed to register the Bonds initially issued hereunder in such names as the purchaser may direct. The Bonds initially issued hereunder shall be registered as of July 1, • 1985 , and all Bonds issuecl in exchange therefor shall be regis- tered as of such date, or, if issued after the first payment date, as of the most recent interest payment date on which in- terest was paid or duly provided for. The legal opinion of Faegre & Benson of Minneapolis, Minnesota, respecting the valid- ity and enforceability of the Bonds shall be reproduced on the reverse side of each Bond at the request of the purchaser and shall be certified by the facsimile signature of the City Clerk. When the Bonds shall have been so prepared and executed, they shall be delivered by the City Clerk and in exchange for the purchase price and upon receipt of the signed legal opinion of � Faegre & Benson, and the purchaser shall not be required to see to the proper application of the proceeds. � 6 . As long as any of the Bonds issued hereunder shall remain outstanding, the City shall maintain and keep at the office of the Bond Registrar an office or agency for the payment of the principal of and interest on such Bonds, as in this � Resolution provided, and for the registration and transfer of such Bonds, and shall also keep at said office of the Bond Registrar books for such registration and transfer. Upon surren- der for transfer of any Bond at the office of the Bond Registrar with a written instrument of transfer satis.factory to the Bond Registrar, duly executed by the registered owner or the owner' s duly authorized attorney, and upon payment of any tax, fee or other governmental charge required to be paid with respect to � such transfer, the City shall execute and the Bond Registrar -7-