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True interest cost: 3.1504400%
<br />1.03. Purchase Contract. The sum of $335,157.49, being the amount proposed by the Purchaser in
<br />excess of $6,915,000.00, 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 />1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the
<br />Bonds pursuant to the Municipal Debt Act and the Utility Revenue Act (together, the "Act"), including
<br />Section 475.58, subdivision 3b, in the total principal amount of $6,915,000, originally dated
<br />December 19, 2018, in the denomination of $5,000 each or any integral multiple thereof (except that the
<br />Bonds maturing on February 1, 2021 may be made in the denomination of $1,000 or any integral multiple
<br />thereof), numbered No. R-1 upward, bearing interest as above set forth, and maturing serially on February 1
<br />in the years and amounts as follows:
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />2020
<br />$ 90,000
<br />2028
<br />$ 515,000
<br />2021
<br />365,000
<br />2029
<br />540,000
<br />2022
<br />390,000
<br />2030
<br />515,000
<br />2023
<br />410,000
<br />2031
<br />540,000
<br />2024
<br />435,000
<br />2032
<br />550,000
<br />2025
<br />455,000
<br />2033
<br />570,000
<br />2026
<br />465,000
<br />2034
<br />585,000
<br />2027
<br />490,000
<br />(a) $4,950,000 of the Bonds (the "Street Reconstruction Bonds"), maturing on
<br />February 1 in the years and amounts set forth below, will be used to finance the Street
<br />Reconstruction:
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />2021
<br />$ 260,000
<br />2028
<br />$ 365,000
<br />2022
<br />275,000
<br />2029
<br />380,000
<br />2023
<br />290,000
<br />2030
<br />390,000
<br />2024
<br />305,000
<br />2031
<br />405,000
<br />2025
<br />320,000
<br />2032
<br />415,000
<br />2026
<br />330,000
<br />2033
<br />430,000
<br />2027
<br />345,000
<br />2034
<br />440,000
<br />(b) The remainder of the Bonds in the principal amount of $1,965,000 (the "Utility
<br />Revenue Bonds"), maturing on February 1 in the years and in the amounts set forth below, will be
<br />used to finance the Utility Improvements.
<br />5398950 JAE LN140-118
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