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Jaffray, Inc. ~pf Minneapolis Minnesota (the <br />• Purchaser), to purchase the Bonds at a price of $1 ...065.363.75 the Bonds to bear <br />interest at the rates set forth in Section 3.01 hereof and to be subject to the further <br />terms and conditions set forth in this Resolution. The proposal is hereby accepted, <br />and the Mayor and the City Clerk are hereby authorized and directed to execute a <br />contract on the part of the City for the sale of the Bonds with the Purchaser. The <br />good faith checks of the unsuccessful bidders shall be returned forthwith. <br />1.03. Performance of Requirements. All acts, conditions and things <br />which are required by the Constitution and laws of the State of Minnesota to be <br />done, to exist, to happen and to be performed precedent to and in the valid issuance <br />of the Bonds having been done, existing, having happened and having been <br />performed, it is now necessary for this Council to establish the form and terms of <br />the Bonds, to provide security therefor and to issue the Bonds forthwith. <br />1.04. Maturities of Bonds. The Council hereby finds that the maturities <br />of the Bonds as set forth in Section 3.01 hereof are warranted by the anticipated <br />collections of special assessments and ad valorem taxes levied and to be levied for <br />the payment of the Bonds as provided in Section 4 hereof. <br />Section 2. Form of Bonds. The Bonds shall be prepared in substantially <br />the following form: <br />• <br />• -3- <br />