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Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2002 4.25% 2006 4.70% <br />2003 4.35 2007 4.80 <br />2004 4.45 2008 4.90 <br />2005 4.60 <br />True interest cost: 4.8305 % <br />1.02. The sum of $ -0- , being the amount proposed by the Purchaser in excess <br />of $ 674, 560 , is credited to the Escrow Account or the debt service account hereinafter <br />created, or designated to pay costs of issuance of the Bonds, as the case may be. The City Clerk - <br />Treasurer is directed to retain the good faith check of the Purchaser, pending completion of the sale <br />of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The <br />Mayor and City Clerk -Treasurer are directed to execute a contract with the Purchaser on behalf of <br />the City. <br />1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />Chapter 475 (the "Act") in the total principal amount of $ 680 ,000 , originally dated <br />,.� September 1, 1999, in the denomination of $5,000 each or any integral multiple thereof, numbered <br />No. R-1, upward, bearing interest as above set forth, and maturing serially, without option of prior <br />payment, on February 1 in the years and amounts as follows: <br />Year Amount Year Amount <br />2002 $85,000 2006 $105,000 <br />2003 85,000 2007 105,000 <br />2004 90,000 2008 115,000 <br />2005 95,000 <br />Section 2. Registration and Payment. <br />2.01. Registered Form. The Bonds will be issued only in fully registered form. The <br />interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by <br />check or draft issued by the Registrar described herein. <br />2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest <br />payment date preceding the date of authentication to which interest on the Bond has been paid or <br />made available for payment, unless (i) the date of authentication is an interest payment date to <br />which interest has been paid or made available for payment, in which case the Bond will be dated <br />as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment <br />date, in which case the Bond will be dated as of September 1, 1999. The interest on the Bonds is <br />payable on February 1 and August 1 of each year, commencing August 1, 2000, to the registered <br />BMB-167651 <br />LN 140-68 <br />