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<br />offer and is hereby accepted, the proposal being to purchase the Bonds at a price of <br />$ 1, 668,163. OOplus accrued interest to date of delivery, for Bonds bearing interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturi ty Rate <br />1999 4.25 % 2004 4.75 % <br />2000 4,35 2005 4.85 <br />2001 4,45 2006 4.95 <br />2002 4.55 2007 5.00 <br />2003 4.65 2008 5.05 <br />True interest rate: 4.82287. <br /> <br />1,03. The sum of $16,533.00 being the amount proposed by the Purchaser in excess <br />of $1,651,630 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 />1.04. The City will issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 429 <br />(Act) in the total principal amount of $1,670,000, originally dated February I, 1997, in the <br />denomination of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, <br />bearing interest as above set forth, and maturing serially on February 1 in the years and amounts <br />as follows: <br /> <br />Year Amount Year Amount <br />1999 $155,000 2004 $170,000 <br />2000 150,000 2005 170,000 <br />2001 155,000 2006 180,000 <br />2002 160,000 2007 185,000 <br />2003 165,000 2008 180,000 <br /> <br />1.05. Optional Redemption. The City may elect on February 1, 2006, and on any day <br />thereafter to prepay Bonds due on or after February I, 2007. Redemption may be in whole or <br />in part and if in part, at the option of the City and in such marmer as the City will determine. <br />If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as <br />defined in Section 7 hereof) of the particular amount of such maturity to be prepaid. DTC will <br />determine by lot the amount of each participant's interest in such maturity to be redeemed and <br />each participant will then select by lot the beneficial ownership interests in such maturity to be <br />redeemed. Prepayments will be at a price of par plus accrued interest. <br /> <br />DJK115945 <br />NE136-13'1 <br />