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Year Amount 1988 $28,000 1989 30,000 1990 33,000 1991 35,000 1992 38,000 1993 41,000 1994 45,000 (d) The First State Bank of New Brighton (the "Bank" ) was the or iginal purchaser and con- tinues to own the 1982 Bond, the 1983 Bond, and the 1984 Bond (collectively, the "Original Bonds"). The Original Bonds, as amended pur- suant to this Resolution, are sometimes re- ferred to herein as the "Amended Bonds." (e) Pursuant to inquiries made by the City Finance Oi rector, the Bank has agreed as of June 1, 1987, to reduce the respective interest rates on the unpaid principal of the Original Bonds to 6.25% per annum and to permit the City to optionally redeem the principal amounts of these Bonds, or any of them, in $1,000 multi- ples, in inverse order of maturities, on July 1, 1987, or on the first day of any month thereafter at par plus accrued interest to the date of any such prior redemption. The fore- going agreements by the Bank are contained in a certain Agreement Respecting Amendment of Bond Terms which has been executed by the President of the Bank and submitted to the City Council for its consideration and approval. 2. The Agreement Respecting Amendment of Bond Terms is hereby approved by the City Council, and the officers of the City are authorized and directed to execute said agreement and to effectuate its terms on behalf of the City. 3. Pursuant to the Agreement Respecting Amendment of Bond Terms and this Resolution, as of June 1, 1987, the terms of the 1982 Bond, of the 1983 Bond, and of the 1984 Bond, respectively, shall be and are hereby amended so that the outstanding principal installments of each of said Bonds shall bear interest from and after June 1, 1987, at the rate of 6.25% per annum and shall be prepayable at the option of the City on July 1, 1987, or on the first day of any month thereafter in $1,000 multiples and in inverse order of maturities at the prior redemption price of par plus accrued interest to the date of such redemption. - 3 -