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(e) it is necessary and expedient to the sound financial management of the affairs of the City to issue $3,435,000 General Obligation Taxable Tax Increment Bonds, Series 19970 (Bonds) to provide financing for the Costs; 1.02. The proposal of Cronin & Company. Inc. (Purchaser) to purchase $3,435,000 General Obligation Taxable Tax Increment Bonds, Series 19970 (Bonds) of the City described in the Official Terms of Proposal contained in the Official Statement for the Bonds thereof is found and determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of $ 3.393.983.00plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 2000 7.00 % 2007 7.05 % 2001 7.00 2008 7.15 2002 7.00 2009 7.20 2003 7.00 2010 7.25 2004 7.00 2011 7.25 2005 7.00 2012 7.25 2006 7.00 2013 7.25 True interest rate: 7.3269% 1.03. The sum of $ 3.638.00 being the amount proposed by the Purchaser in excess of $3,390,345 will be credited to the Debt Service Fund hereinafter created. The City Finance Director-Clerk is directed to deposit the good faith check of the Purchaser pending completion of the sale of the Bonds, and to return the good. faith checks of the unsuccessful proposers forthwith. The Mayor and City Manager are directed to execute a contract with the Purchaser on behalf of the City. 1.04. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 469 (Act) in the total principal amount of $3,435,000, originally dated February I, 1997, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-I, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: DJK115944 NE136~131