Resolution - #09-10-252 No Signature - 10/27/2009

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(d) Letter of Representations. The provisions in the Letter of Representations are incorporated herein by reference and made a part of the resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resoll;ltion, the provisions in the Letter of Representations shall control. 3. Purpose. The Bonds shall provide funds to finance the Improvements. The total cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the Improvements shall proceed with due diligence to completion. . The City covenants that it shall do all things and perform all acts required of it to assure that work on the Improvements proceeds with due diligence to completion and that any arid all permits and studies required under law for the Improvements are obtained. The average annual amount of principal and interest due in all subsequent calendar years on the Bonds and on all other bonds (if any) payable :f!om the City's account in the Municipal State-Aid Street Fund ($ ) does not exceed 90% of the amount of the last annual allotment preceding the issuance of the Bonds received by the City from the Municipal State-Aid Street Fund Construction Account ($ ). 4. Interest. The Bonds shall bear interest payable semiannually on April 1 and October 1 of each year (each, an "Interest Payment Date"), commencing April 1, 2010, calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturity Interest Maturity Interest Year Rate Year Rate -. 2010 % 2015 % 2011 2016 2012 2017 2013 2018 2014 2019 5. Redemption, All Bonds maturing on April 1 , 2017, and thereafter, shall be subject to redemption and prepayment at the option of the City on April 1, 2016, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the City; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected registered holder of the Bonds. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar prior to giving notice of redemption shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in 2413138vl 5