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3. Springsted Incorporated is authorized and directed to negotiate the Bonds in <br />accordance with the foregoing Terms of Proposal, subject only to the condition that if a petition <br />requesting a vote on the issuance of the Bonds, signed by voters equal to five percent of the votes <br />cast in the last general election, is filed with the City Clerk on or before October 11, 2006 (30 <br />days after the public hearing regarding the Bonds), the City may issue the Bonds only after <br />obtaining approval of a majority of voters voting on the question at an election. If no timely <br />petition is received, the City Council will meet at 5:00 P.M. on Monday, October 23, 2006, to <br />consider proposals on the Bonds and take any other appropriate action with respect to the Bonds. <br />4. The law firm of Kennedy & Graven, Chartered, as bond counsel for the City, is <br />authorized to act as bond counsel and to assist in the preparation and review of necessary <br />documents, certificates and instruments relating to the Bonds. The officers, employees and <br />agents of the City are hereby authorized to assist Kennedy & Graven, Chartered in the <br />preparation of such documents, certificates, and instruments. <br />(The remainder of this page is intentionally left blank) <br />• <br />• <br />