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issue $790,000 Taxable General Obligation Tax Increment Bonds, <br />Series 1999B (the "Bonds ") of the City, pursuant to Minnesota <br />Statutes, Chapters 469 and 475, to finance the Project; and <br />D. WHEREAS, on September 22, 1999, the City Council <br />adopted a resolution (the "Preliminary resolution "), which <br />provided for the sale of the Bonds; and <br />E. WHEREAS, proposals to purchase the Bonds have been <br />solicited by Ehlers and Associates, Inc. ( "Ehlers ") in accordance <br />with the Preliminary Resolution; and <br />F. WHEREAS, the proposals set forth on Exhibit A <br />attached hereto were received, opened and tabulated pursuant to <br />the Terms of Proposal established for the Bonds by the <br />Administrator, or designee, at the City Hall at 11:00 A.M., <br />Central Time, this same day; and <br />G. WHEREAS, it is in the best interests of the City <br />that the Bonds be issued in book -entry form as hereinafter <br />provided; and <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Little Canada, Minnesota, as follows: <br />1. Acceptance of Proposal. The proposal of <br />(the "Purchaser "), to <br />purchase the Bonds of the City (or individually, a "Bond "), in <br />accordance with the Terms of Proposal, at the rates of interest <br />hereinafter set forth, and to pay therefor the sum of <br />$ , plus interest accrued to settlement, is hereby <br />found, determined and declared to be the most favorable proposal <br />received and is hereby accepted, and the Bonds are hereby awarded <br />to said proposal maker. The Administrator is directed to retain <br />the deposit of said proposal maker and to forthwith return to the <br />unsuccessful proposal makers their good faith checks or drafts. <br />2. Bond Terms. <br />(a) Title; Original Issue Date; Denominations; Maturities; <br />Term Bond Option. The Bonds shall be titled "Taxable General <br />Obligation Tax Increment Bonds, Series 1999B ", shall be dated <br />November 1, 1999, as the date of original issue and shall be <br />issued forthwith on or after such date as fully registered bonds. <br />The Bonds shall be numbered from R -1 upward in the denomination <br />of $5,000 each or in any integral multiple thereof of a single <br />maturity (the "Authorized Denominations "). The Bonds shall <br />mature on February 1 in the years and amounts as follows: <br />1094077.1 <br />Page 111 <br />