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<br />Public Improvements: <br /> <br />Redevelopment Cost <br /> <br />Project Costs <br />Issuance Costs <br />Underwriter's Discount <br /> <br />$1,519,400 <br />25,255 <br />20.345 <br /> <br />Total Issue <br /> <br />$1,565,000 <br /> <br />(e) it is necessary and expedient to the sound fmancial management of the <br />affairs of the City to issue $1,565,000 General Obligation Tax Increment <br />Bonds, Series 1997C (Bonds) to provide financing for the Costs. <br /> <br />1.02. The proposal of Norwest Investment Services, Inc. (Purchaser) to <br />purchase $1,565,000 General Obligation Tax Increment Bonds, Series 1997C (Bonds) of the City <br />described in the Tenns of Proposal contained in the Official Statement for the Bonds thereof is <br />found and determined to bea reasonable offer and is hereby accepted, the proposal being to <br />purchase the Bonds at a price of $1, 552,480.00 plus accrued interest to date of delivery, for <br />Bonds bearing interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2000 4.25 % 2007 5.00 % <br />2001 4.35 2008 5.00 <br />2002 4.45 2009 5.10 <br />2003 4.55 2010 5.15 <br />2004 4.65 2011 5.25 <br />2005 4.75 2012 5.35 <br />2006 4.85 2013 5.40 <br />True interest rate: 5.14861. <br /> <br />1.03. The sum of $ 7,825.00 being the amount proposed by the Purchaser in excess <br />of $1,544,655 will be credited to the Debt Service Fund hereinafter created. The City Finance <br />Director-Clerk is directed to deposit the good faith check of the Purchaser, pending completion <br />of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers <br />forthwith. The Mayor and City Manager are directed to execute a contract with the Purchaser <br />on behalf of the City. <br /> <br />DJK1l5935 <br />NE136-137 <br />