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2. Original Issue Date; Denominations; Maturities; Interest. The City shall forthwith <br /> issue the Certificate,which shall be in fully registered form without interest coupons, shall be <br /> dated,mature, bear interest,be subject to redemption and be payable as provided in the form of <br /> the Certificate. <br /> 3. Purpose. The Certificate shall provide funds to finance the Equipment. The total <br /> cost of the Equipment,which shall include all costs enumerated in Minnesota Statutes, Section <br /> 475.65, is estimated to be at least equal to the amount of the Certificate. <br /> 4. Registrar. The Administrator/Clerk, City of Pequot Lakes, Minnesota, is <br /> appointed to act as registrar and transfer agent with respect to the Certificate(the "Registrar"), <br /> and shall do so unless and until a successor Registrar is duly appointed, all pursuant to any <br /> contract the City and Registrar shall execute which is consistent herewith. The Registrar shall <br /> also serve as paying agent unless and until a successor paying agent is duly appointed. Principal <br /> and interest on the Certificate shall be paid to the registered holders (or record holders) of the <br /> Certificate in the manner set forth in the form of Certificate. <br /> 5. Form of Certificate. The Certificate,together with the Registrar's Certificate of <br /> Registration, shall be in substantially the following form: <br /> 2 <br /> 8126692v1 <br />