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~ between Trustee Bonds. the City and First Trust Company, Inc., as thereunder, and respecting the Series 1985 "Tax Levies" means the ad valorem taxes levied by the City in paragraph 8 of the Series 1985 Bond Resolu- tion for the payment of the Series 1985 Bonds. 2. Authorization of Issuance. The City has heretofore issued its Series 1985 Bonds for the purpose of financing the public improvement costs identified in paragraph l(a) of the Series 1985 Bond Resolution (City Hall/Police Facili- ties, Fire Station, and Water/Wells Improvements), and the Council hereby determines that it would be in the best interests of the City, and would be necessary or desirable for the stabilization and/or reduction of the debt service costs to the City with respect to the Series 1985 Bonds and for the adjustment of the maturities thereof in relation to the resources available for their payment, to issue the Bonds for the purpose of crossover refunding the Series 1985 Bonds pursuant to Minnesota Statutes, Chapter 475, including without limitation, Section 475.67, Subdivision 13. The Bonds shall be issued for the following purposes: Approximate Cost of Purchase of Refunding Obligations under the Escrow Deposit Agreement Discount Costs of Issuance Total $2,276,125 35,250 38,625 $2,350,000 The Council hereby determines that the unspent proceeds of the Ser ies 1985 Bonds are needed and will be applied and expended for the purposes for which the Series 1985 Bonds were issued. In addition to the $2,276,125 of the proceeds of the Bonds to be used to purchase Refunding Obligations, the City shall contribute to the Escrow Account $73,875 from available funds of the City for such purpose. 3. Acceptance of Purchase Offer. Pursuant to Minne- sota Statutes, Section 475.60, Subdivision 2(5), the City is authorized to negotiate the sale of the Bonds without public sale. The offer of Miller & Schroeder Financial, rnc. (the "Purchaser"), to purchase the Bonds is hereby accepted, such bid being to purchase the Bonds at a price of $2,314,750 plus accrued interest to date of delivery, the Bonds to bear interest, to mature in the years and amounts, and to be sub- ject to such other terms and conditions as hereinafter pro- vided. The off icers of the Ci ty are hereby author ized and directed to execute on behalf of the City the Bond Purchase Agreement presented to the City by the Purchaser respecting the purchase of the Bonds by the Purchaser. - 4 -