Resolution - #12-05-064 - 05/08/2012

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Minnesota Statutes, Section 475.67, and as a result of the Refunding, the average life of the maturities is extended by at least three years. 4. Interest The Bonds shall bear interest payable semiannually on December 15 and June 15 of each year (each, an "Interest Payment Date "), commencing December 15, 2012, 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: 4546551v1 Maturity Year Interest Rate Maturity Year Interest Rate 2012 3.00% 2022 3.00% 2013 3.00 2023 3.00 2014 3.00 2024 3.00 2015 3.00 2025 3.00 2016 4.00 2026 3.00 2017 4.00 2027 3.00 2018 4.00 2028 3.00 2019 4.00 2029 3.125 2020 4.00 2030 3.25 2021 4.00 2031 3.375 The maximum annual principal and interest on the Bonds ($1,256,006.26), is less than 0.16% of the taxable market value of the City ($2,841,662.00). 5. Redemption. All Bonds maturing on December 15, 2022, and thereafter, shall be subject to redemption and prepayment at the option of the City on December 15, 2021, 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 City shall determine the maturities and the principal amounts within each maturity to be prepaid, 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 at least thirty days prior to the date set for redemption. 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 its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of each such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or the Bond Registrar so requires, a written instrument of transfer in form satisfactory to the