Resolution - #99-01-009 - 01/12/1999

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Bonds, and to return the good faith checks of the Unsuccessful proposers forthwith. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 469 (Act), in the total principal amount of $1,195,000, originally dated January 1, 1999, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, bearing interest as above set forth, and maturing serially on January 1 in the years and amounts as follows: Year Amount Year Amount 2001 $25,000 2008 $100,000 2002 75,000 2009 105,000 2003 80,000 2010 110,000 2004 85,000 2011 115,000 2005 90,000 2012 120,000 2006 95,000 2013 100,000 2007 95,000 1.04. Optional Redemption. The City may elect on January 1, 2008, and on any day thereafter to prepay Bonds due on or after January 1, 2009. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in Section 7 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. Section 2. Registration and Payment. 2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case the Bond will be dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case the Bond will be dated as of the date of original issue. The interest on the Bonds is payable on January 1 and July 1 of each year, commencing July 1, 1999, to the registered owners of record as of the close of business on the fifteenth day of the immediately preceding month, whether or not that day is a business day. SJB-156196 RA125-54