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shall no longer be registered as being registered in the <br /> bond register in the name of the Nominee, but may be <br /> registered in whatever name or names the Holder of the Bonds <br /> shall designate at that time, in accordance with paragraph <br /> 10 hereof (with respect to registration, transfer and <br /> exchange) . To the extent that the Beneficial Owners are <br /> designated as the transferee by the Holders, in accordance <br /> with paragraph 10 hereof (with respect to registration, <br /> transfer and exchange) , the Bonds will be delivered to the <br /> Beneficial Owners. <br /> (iii) Nothing in this subparagraph (c) shall limit or <br /> restrict the provisions of paragraph 10 hereof (with respect <br /> to registration, transfer and exchange) . <br /> (d) Letter of Representations. The provisions in the <br /> Letter of Representations are incorporated herein by reference <br /> and made a part of the resolution, and if and to the extent any . <br /> such provisions are inconsistent with the other provisions of <br /> this resolution, the provisions in the Letter of Representations <br /> shall control. <br /> 3 . Purpose. The Bonds shall provide funds to finance <br /> the construction of various improvement projects in the City (the <br /> "Improvements") . The total cost of the Improvements, which shall <br /> include all costs enumerated in Minnesota Statutes, Section <br /> 475 . 65, is estimated to be at least equal to the amount of the <br /> Bonds. Work on the Improvements shall proceed with due diligence <br /> to completion. The City covenants that it shall do all things <br /> -and perform all acts required of it to assure that work on the <br /> Improvements proceeds with due diligence to completion and that <br /> any and all permits and studies required under law for the <br /> Improvements are obtained. <br /> 4 . Interest . The Bonds shall bear interest payable <br /> semiannually on February 1 and August 1 of each year (each, an <br /> "Interest Payment Date") , commencing August 1, 2001, calculated <br /> on the basis of a 360-day year of twelve 30-day months, at the <br /> respective rates per annum set forth opposite the maturity years <br /> as follows: <br /> 1194249.1 6 <br />