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(d) the portion of outstanding bonds in the aggregate principal amount of $8,545,000 to be refunded consists of a portion of the 2025 maturity (in the amount of $435,000) and the 2026 through 2033 maturities of the City's General Obligation Tax Increment Bonds, Series 2007B dated June 1, 2007 originally issued in the principal amount of $14,985,000 (the "Series 2007B Bonds"), which maturities (the "Refunded Bonds") are callable on August 1, 2017 (the "Redemption Date"). (e) The City is authorized by Section 475.60, subdivision 2(9), of the Act to negotiate the sale of the Bonds, it being determined that the City has retained an independent financial advisor in connection with such sale. The actions of the City staff and financial advisors in negotiating the sale of the Bonds are ratified and confirmed in all aspects. 1.02. Pricing Committee. Ehlers & Associates, Inc., the City's municipal advisor ("Ehlers"), is authorized and directed to structure the terms of the Bonds, subject to the parameters set forth below, and is further authorized to solicit proposals for the Bonds and negotiate the sale of the Bonds on behalf of the City. The City Council authorizes the Mayor, City Manager and Finance Director of the City (the "Pricing Committee") to consider the proposal, award the sale of the Bonds to the prospective purchaser (the "Purchaser") not later than 90 days from the date hereof, determine the schedule for any necessary levy, approve the dates for optional redemption or any mandatory sinking fund redemption schedule, determine the amount to be deposited in escrow to refund the Refunded Bonds, select a paying agent and any other service provider in connection with the redemption of the Refunded Bonds and take any other appropriate action with respect to the Bonds, provided that the proposal from the Purchaser must (a) produce debt service savings such that the present value of the debt service on the Bonds (computed to their stated maturity dates) is lower by at least 5% than the present value of the debt service on the Refunded Bonds, (b) provide that the principal amount of the Bonds shall not exceed $9,005,000, and (c) provide that the final maturity of the Bonds shall be no later than the maturity date of the Refunded Bonds. The City hereby approves the sale of the Bonds to the Purchaser, at the price and at the rates to be determined by the Pricing Committee in accordance with the preceding sentence. Issuance of the Bonds shall be conclusive evidence that the Pricing Committee has determined such price and rates in accordance with this Resolution. 1.03. Contract with the Purchaser. Any original issue premium and any rounding amount shall be credited to the Debt Service Fund hereinafter created, or deposited in the Escrow Account under Section 4.01 hereof, as determined by the City's municipal advisor and the City Finance Director. The Mayor and City Manager are directed to execute a contract with the Purchaser on behalf of the City. 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the Act, originally dated as of their date of issuance, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as determined by the Pricing Committee, and maturing on February 1 in the years and amounts as determined by the Pricing Committee. 470595v1 JSB NE136-257 2