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Section 2. Sale of Certificates. <br /> <br /> 2.01. The bid O~he First National Bank of St. Pa~urchaser), to <br />purchase the Certificates is hereby found and determined to be a reasonable <br />offer and shall be and is hereby accepted, such bid being to purchase the <br />Certificates at a price of par plus accrued interest to date of delivery~ <br />for Certificates bearing interest at the following rates of interest: <br /> <br />Year of Maturity <br /> <br />Interest Rate Per Annum <br /> <br />See attached tabulation of bids <br /> <br />The Mayor and City Administrator are directed to enter into a purchase <br />contract for the Certificates with the Purchaser. <br /> <br /> 2.02. The City shall forthwith issue and sell the Certificates <br />in the principal amount of $90,000, dated July 1, 1984, the Certificates <br />being numbered No. 1 upwards, in the denomination of $5,000 each or any <br />integral multiple thereof, bearing interest as above set forth, and which <br />Certificates mature serially on April ! in the years and amounts as fol- <br />lows: <br /> <br />YEAR AMOIqNT <br /> <br />1986 $20,000 <br />1987 20,000 <br />1988 25,000 <br />1989 25,000 <br /> <br />Section 3. Form: Execution. <br /> <br /> 3.01. Registered Form. The Certificates shall be issuable only <br />in fully registered form. The interest thereon and, upon surrender of each <br />Certificate, the principal amount thereof shall be payable by check or <br />draft issued by the Registrar described herein. <br /> <br /> 3.02. Dates; Interest PaYment Dates. Each Certificate shall be <br />dated as of the last interest payment date preceding the date of authen- <br />tication to which interest on the Note has been paid or made available for <br />payment, unless (i) the date of authentication is an interest payment date <br />to which interest has been paid or made available for payment, in which <br />case such Certificate shall be dated as of the date of authentication, or <br />(ii) the date of authentication is prior to April 1, 1985, in which case <br />such Certificate shall be dated as of July 1, 1984. The interest on the <br />Certificates shall be payable on April 1 and October 1 in each year, <br />commencing April 1, 1985, to the owner of record thereof as of the close of <br />business on the fifteenth day of the i~ediately preceding month, whether <br />or not such day is a business day. <br /> <br /> <br />