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• <br />E. WHEREAS, the Certificates are being sold pursuant <br />to a private sale as permitted by Minnesota Statutes, Sections <br />412.301 and 475.60, Subdivision 2(1); and <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Ramsey, Minnesota, as follows: <br />1. Acceptance of Offer. The offer of Northland <br />Security Bank (the "Purchaser "), to purchase the Certificates of <br />the City (or individually, a "Certificate "), in accordance with <br />the terms established therefor and at the rates of interest <br />hereinafter set forth, and to pay therefor the sum of par, plus <br />interest accrued to settlement, is hereby accepted. <br />2. Title; Original Issue Date; Denominations; <br />Maturities. The Certificates shall be titled "General Obligation <br />Capital Equipment Certificates of Indebtedness, Series 2000A ", <br />shall be dated March 21, 2000, as the date of original issue and <br />shall be issued forthwith on or after such date as fully <br />registered certificates. The Certificates shall be numbered from <br />R -1 upward in the denomination of $1,000 each or in any integral <br />multiple thereof of a single maturity. The Certificates shall <br />mature on January 1 in the years and amounts as follows: <br />Year Amount <br />2001 $61,000 <br />2002 62,000 <br />Year <br />2003 <br />2004 <br />Amount <br />$65,000 <br />69,000 <br />3. Purpose. The Certificates shall provide funds for <br />the Equipment. The total cost of the Equipment, which shall <br />include all costs enumerated in Minnesota Statutes, Section <br />475.65, is estimated to be at least equal to the amount of the <br />Certificates herein authorized. <br />4. Interest. The Certificates shall bear interest <br />payable semiannually on January 1 and July 1 of each year (each, <br />an "Interest Payment Date "), commencing January 1, 2001, <br />calculated on the basis of a 360 -day year of twelve 30 -day <br />months, at the respective rates per annum set forth opposite the <br />maturity years as follows: <br />Maturity Interest Maturity Interest <br />Year Rate Year Rate <br />2001 5.251 2003 5.251 <br />2002 5.25 2004 5.25 <br />5. Redemption. All Certificates shall be subject to <br />redemption and prepayment at the option of the City on any date <br />at a price of par plus accrued interest. Redemption may be in <br />whole or in part. If redemption is in part, the maturities and <br />1146366.1 2 <br />