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<br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />1998 3.85 % 2003 4.55 % <br />1999 4.10 2004 4.65 <br />2000 4.25 2005 4.75 <br />2001 4.35 2006 4.85 <br />2002 4.45 2007 5.00 <br />True interest rate: 4.8923% <br /> <br />1.03. The sum of $ - 0 - being the amount proposed by the Purchaser in excess <br />of $3 16,480 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, Section <br />444.075 (Act), in the total principal amount of $320,000, originally dated February 1, 1997, in <br />the 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 without option of prior <br />payment in the years and amounts as follows: <br /> <br />Year Amount Year Amount <br />1998 $25,000 2003 $30,000 <br />1999 30,000 2004 35,000 <br />2000 30,000 2005 35,000 <br />2001 30,000 2006 35,000 <br />2002 30,000 2007 40,000 <br /> <br />1.05. The actions of the City Finance Director-Clerk and Springsted Incorporated, in <br />offering the Bonds for sale in accordance with the Official Statement for the Bonds, are ratified <br />and confirmed. <br /> <br />Section 2. <br /> <br />Rel!istration and Payment. <br /> <br />2.01. Rel!istered Form. The Bonds will be issued only in fully registered form. The <br />interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by <br />check or draft issued by the Registrar described herein. <br /> <br />DJKl15934 <br />NE136-137 <br />