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n LJ 1. That the offer of Juran & Moody, Inc., St. Paul, Minnesota, to purchase $50,000 Improvement Bonds of 1967 of the Village, in accordance with the terms and conditions and at the rates of interest hereinafter set forth, and to pay therefor the sum of $50,000 is hereby accepted. Said bonds shall be payable as to principal and interest at the American National Bank and Trust Company in St. Paul, Minnesota. 2. The $50,000 negotiable coupon general obli- gation bonds of the Village shall be dated July 1, 1967 and shall be issued forthwith. Said bonds shall be 50 in number and numbered from 1 to 50, both inclusive, in the denomination of $1,000 each. Said bonds shall mature serially, lowest numbers first on July 1 in the years and amounts as follows: $2,000 in the years 1970, 1972, and 1974; $3,000 in the years 1971, 1973, and 1975; and $5,000 in each of the years 1976 to 1982, both inclusive. C] r~ U 3. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable July 1, 1968 and semiannually thereafter on January 1 and July 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers. Maturity Years Serial Numbers Interest Rate 1970 to 1982 1 to 50 4.25 (plus additional interest at the rate of one and seventy five hundredths per cent (1.75) per annum on all bonds from October 11, 1967 to July 1, 1969, payable July 1, 1968, January 1, 1969 and July 1, 1969. 4. A11 bonds of this issue maturin in the years 1973 to 19$2, both inclusive (bonds numbered ~ to 50, both inclusive), are subject to redemption and prepayment at the option of the Village in inverse order of serial numbers, on July 1, 1972 and on any interest payment date thereafter at par and accrued interest plus a premium of $25.00 if called before July 1, 1977, and plus a premium of $10.00 if called on or after July 1, 1977. At least thirty days prior notice 2572 -2-