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4 <br />each February 1 and August 1, commencing August 1, 2017 from the date of the Bonds. Each <br />Bond shall bear interest at the specified rate from its date to its stated maturity date. <br /> <br />PAYMENT: Principal of the Bonds will be payable upon surrender to the Trustee at the <br />principal corporate trust office of the Trustee in St. Paul, Minnesota. Interest with respect to the <br />Bonds will be payable by check or draft mailed by first class mail to the owners at the addresses <br />listed on the registration books maintained by the Trustee for such purpose. <br /> <br />EXTRAORDINARY CASUALTY REDEMPTION: The Bonds are subject to redemption, <br />in whole or in part on any date, from the Net Proceeds (as defined in the Indenture) of insurance <br />or condemnation with respect to the Enterprise, which Net Proceeds are credited towards the <br />prepayment of the Installment Payments made by the City pursuant to the Installment Purchase <br />Contract, at a redemption price equal to the principal amount of the Bonds to be redeemed, <br />together with accrued interest to the date fixed for redemption, without premium. <br /> <br />OPTIONAL REDEMPTION: The Bonds maturing on or before February 1, 2027, are not <br />subject to optional redemption prior to their respective stated maturities. The Bonds maturing on <br />or after February 1, 2028, are subject to optional redemption on any date on or after February 1, <br />2027, in whole or in part, from prepayments of the Installment Payments made at the option of <br />the City pursuant to the Installment Purchase Contract, at a redemption price equal to the <br />principal amount thereof to be redeemed together with accrued interest to the redemption date, <br />without a premium. <br /> <br />SINKING FUND REDEMPTION: Any bidder may, at its option, specify that one or more <br />maturities of the Bonds will consist of term Bonds which are subject to mandatory sinking fund <br />redemption in consecutive years immediately preceding the maturity thereof, as designated in <br />the bid of such bidder. In the event that the bid of the successful bidder specifies that any <br />maturity of Bonds will be term Bonds, such term Bonds will be subject to mandatory sinking fund <br />redemption on February 1 in each year so designated in the bid, in the respective amounts for <br />such years as set forth above under the heading “MATURITIES,” at a redemption price equal to <br />the principal amount thereof to be redeemed together with accrued interest thereon to the <br />redemption date, without premium. <br /> <br />RATINGS: Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services <br />LLC business, and Moody’s Investor’s Service (“Moody’s), have assigned the ratings of <br />“______” and “‘_______,” respectively, to the Bonds. The cost of obtaining such ratings will be <br />borne entirely by the Authority and not by the successful bidder. <br /> <br /> <br />TERMS OF SALE <br /> <br />INTEREST RATE: Each rate of interest bid must be greater than zero and no rate of <br />interest bid may exceed 6% per annum. Each rate bid must be a multiple of one-twentieth of <br />one percent (1/20%) or one-eighth of one percent (1/8%). No Bond shall bear more than one <br />interest rate, and all Bonds of the same maturity shall bear the same rate. Each Bond must bear <br />interest at the rate specified in the bid from its date to its fixed maturity date. <br /> <br />FORM OF BID; MAXIMUM DISCOUNT: All bids must be for not less than all of the <br />Bonds hereby offered for sale and for not less than 99% of the aggregate par amount thereof. <br /> <br />8.C. - Page 196