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<br />539895v2 JAE LN140-118 3 <br /> 1.03. Purchase Contract. The sum of $___________, being the amount proposed by the Purchaser <br />in excess of $7,169,000, shall be credited to the accounts of the Debt Service Fund hereinafter created or <br />deposited in the accounts of the Construction Fund hereinafter created, as determined by the Finance <br />Director of the City in consultation with the City’s municipal advisor. The Finance Director is directed to <br />deposit the good faith check or deposit of the Purchaser, pending completion of the sale of the Bonds, and <br />to return the good faith deposits of the unsuccessful proposers. The Mayor and City Administrator are <br />directed to execute a contract with the Purchaser on behalf of the City. <br /> <br /> 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds <br />pursuant to the Municipal Debt Act and the Utility Revenue Act (together, the “Act”), including Section 475.58, <br />subdivision 3b, in the total principal amount of $7,169,000, originally dated December 19, 2018, in the <br />denomination of $5,000 each or any integral multiple thereof (except that the Bonds maturing on February 1, <br />2021 may be made in the denomination of $1,000 or any integral multiple thereof), numbered No. R-1 upward, <br />bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: <br /> <br />Year Amount Year Amount <br /> <br />2020 $ 2028 $ <br />2021 2029 <br />2022 2030 <br />2023 2031 <br />2024 2032 <br />2025 2033 <br />2026 2034 <br />2027 <br /> <br />(a) $5,124,000 of the Bonds (the “Street Reconstruction Bonds”), maturing on <br />February 1 in the years and amounts set forth below, will be used to finance the Street Reconstruction: <br /> <br />Year Amount Year Amount <br /> <br />2021 $ 2028 $ <br />2022 2029 <br />2023 2030 <br />2024 2031 <br />2025 2032 <br />2026 2033 <br />2027 2034 <br /> <br />(b) $2,045,000 of the Bonds (the “Utility Revenue Bonds”), maturing on February 1 in <br />the years and in the amounts set forth below, will be used to finance the Utility Improvements. <br /> <br />Year Amount Year Amount <br /> <br />2020 $ 2028 $ <br />2021 2029 <br />2022 2030 <br />2023 2031 <br />2024 2032 <br />2025 2033 <br />2026 2034