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revenues of the Utility System pledged to the Utility Improvements, the prepayment shall be <br /> allocated to the Utility Revenue Portion of debt service. If the source of a prepayment is taxes <br /> pledged for the Disposal System Improvements, the prepayment shall be allocated to the <br /> Disposal System Portion of debt service. <br /> 3. Purpose. The Utility Revenue Portion of the Bond shall provide funds to finance <br /> the Utility Improvements (the "Utility System Project") and the Disposal System Portion of the <br /> Bond shall provide funds to finance the Disposal System Improvements (the "Disposal System <br /> Project", and together with the Utility System Project, the "Project"). The total cost of the <br /> Project, which shall include all costs enumerated in Minnesota Statutes, Sections 115.46, <br /> 444.075 and 475.65, is estimated to be at least equal to the amount of the Bond. Work on the <br /> Project shall proceed with due diligence to completion. The City covenants that it shall do all <br /> things and perform all acts required of it to assure that work on the Project proceeds with due <br /> diligence to completion and that any and all permits and studies required under law for the <br /> Project are obtained. <br /> 4. Bond Re isg trar. The Administrator of the City of Pequot Lakes, Minnesota, is <br /> appointed to act as Bond Registrar and transfer agent with respect to the Bond (the "Bond <br /> Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, Any <br /> successor Bond Registrar shall act as Bond Registrar and transfer agent pursuant to any contract <br /> the City and successor Bond Registrar shall execute which is consistent herewith. The Bond <br /> Registrar shall also serve as paying agent unless and until a successor paying agent is duly <br /> appointed. Principal and interest on the Bond shall be paid to the registered holders (or record <br /> holders) of the Bond in the manner set forth in the form of Bond. <br /> 5. Form of Bond. The Bond, together with the Certificate of Registration, shall be in <br /> substantially the following form: <br /> 3 <br /> 12492107v1 <br />