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• <br />• <br />• <br />Project Designation & Description: Total Project Cost <br />Legacy at Woods Edge Improvements:: <br />Streets & Utilities, Phase I and II; Streetscape Community Green; $5,456,680.00 <br />Lighting <br />Underwriter's Discount 61,050.00 <br />Costs of Issuance 32,960.00 <br />Rounding Amount (690.00) <br />Total $5,550,000.00 <br />(b) it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue approximately $5,550,000 Taxable General Obligation <br />Improvement Bonds, Series 2005A (the "Bonds ") pursuant to the Act to provide <br />financing for the Improvements. <br />(c) The City is authorized by Minnesota Statutes, section 475.60, subdivision <br />2(9) to negotiate the sale of the Bonds, it being determined that the City has retained an <br />independent financial adviser in connection with such sale. The actions of the City staff <br />and financial advisers in negotiating the sale of the Bonds are ratified and confirmed in <br />all aspects. <br />2. To provide financing for the Improvements, the City will issue and sell Bonds in <br />the amount of $5,488,950. To provide in part the additional interest required to market the <br />Bonds at this time, additional Bonds will be issued in the amount of $61,050. The excess of the <br />purchase price of the Bonds over the sum of $5,488,950 will be credited to the debt service fund <br />for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The <br />Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of <br />Proposal: <br />(The remainder of this page is intentionally left blank.) <br />