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Total Pro'ect Cost <br />Fr ' ct 07-1 (2007 Street Reconstruction) <br />Co truction Fund $419,590.00 <br />Co s of Issuance 13,575.00 <br />Ca talized Interest 11,526.67 <br />Un rwriter's Discount 7,962.50 <br />Ro ding Amount 2,345.83 <br />Total $455,000.00 <br />(b) it is necessary and expedient to the sound financial management of the <br />fairs of the City to issue $455,000 General Obligation Improvement Bonds, Series <br />007A (the "Bonds") pursuant to the Act to provide financing for the Improvements. <br />(c) The City is authorized by Minnesota Statutes, section 475.60, subdivision <br />to negotiate the sale of the Bonds, it being determined that the City has retained an <br />pendent financial adviser in connection with such sale. <br />To provide financing for the Improvements, the City will issue and sell Bonds in <br />the am t of $447,038. To provide in part the additional interest required to market the Bonds <br />at this me, additional Bonds will be issued in the amount of $7,962. The excess of the purchase <br />price the Bonds over the sum of $447,038 will be credited to the debt service fund for the <br />Bonds r the purpose of paying interest first coming due on the additional Bonds, except to the <br />extent therwise provided in the resolution awarding sale of the Bonds. The Bonds will be <br />issued old and delivered in accordance with the terms of the following Terms of Proposal; <br />(The remainder of this page is intentionally left blank.) <br />