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• <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2004 2009 <br />2005 2010 <br />2006 2011 <br />2007 2012 <br />2008 2013 <br />True interest cost: <br />1.03. The sum of $ being the amount proposed by the Purchaser in excess <br />of $636,938 will be credited to the Debt Service Fund hereinafter created. The City Finance <br />Director is directed to deposit the good faith check of the Purchaser, pending completion of the <br />sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. <br />The Mayor and City Administrator are directed to execute a contract with the Purchaser on <br />behalf of the City. <br />1.04. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />• Chapter 429 (Act) in the total principal amount of $645,000, originally dated July 1, 2002, in the <br />denomination of $5,000 each 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 <br />as follows: <br />Year Amount Year Amount <br />2004 $95,000 2009 $25,000 <br />2005 95,000 2010 25,000 <br />2006 100,000 2011 25,000 <br />2007 110,000 2012 30,000 <br />2008 110,000 2013 30,000 <br />1.05. Optional Redemption. The City may elect on February 1, 2008, and on any day <br />thereafter to prepay Bonds due on or after February 1, 2009. Redemption may be in whole or in <br />part and if in part, at the option of the City and in such manner as the City will determine. If less <br />than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in <br />Section 7 hereof) of the particular amount of such maturity to be prepaid. DTC will determine <br />by lot the amount of each participant's interest in such maturity to be redeemed and each <br />participant will then select by lot the beneficial ownership interests in such maturity to be <br />redeemed. Prepayments will be at a price of par plus accrued interest. <br />[1.06. Term Bonds. To be completed if Term Bonds are requested by the Purchaser.] <br />Section 2. Registration and Payment. <br />DJG- 215844v1 <br />LNI40 -78 <br />