Resolution 2014-39 Authorizing Issuance and Sale of 6,235,000 GO Bonds, Series 2014A

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Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the City through Northland Trust Services, Inc. Minneapolis, Minnesota (the "Paying Agent/Registrar"), to DTC, or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The successful bidder, as a condition of delivery of the Bonds, will be required to deposit the bond certificates with DTC. The City will pay reasonable and customary charges for the services of the Paying Agent/Registrar. July 15, 2014 The Bonds are being issued pursuant to Minnesota Statutes, Chapters 475, 429, 444 and 412.301, as amended. Proceeds will be used to finance (i) various street, water and sewer improvements in the City; (ii) various items of capital equipment; and (iii) costs associated with Bond issuance. The Bonds are valid and binding general obligations of the City and are payable from special assessments against all benefited properties, net revenues of the sewer and water utility systems, and tax levies. The full faith and credit of the City is pledged to their payment and the City has validly obligated itself to levy ad valorem taxes in the event of any deficiency in the debt service account established for this issue. INTEREST PAYMENTS Interest is due semiannually on each January 15 and July 15, commencing July 15, 2015, to registered owners of the Bonds appearing of record in the Bond Register as of the close of business on the first day (whether or not a business day) of the calendar month of such interest payment date. Principal is due annually on January 15, inclusive, in each of the years and amounts as follows: Year Amount Year Amount Year Amount 2016 $355,000 2021 $430,000 2026 $390,000 2017 415,000 2022 445,000 2027 400,000 2018 415,000 2023 445,000 2028 405,000 2019 420,000 2024 455,000 2029 420,000 2020 430,000 2025 380,000 2030 430,000 Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemption in each year conforms to the maturity sdhedule set forth above. All rates must be in integral multiples of 1/20th or 1/8th of I %. Rates must be in level or ascending order. All Bonds of the same maturity must bear a single uniform rate from date of issue to maturity.