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W, <br />OPINION OF ACCOUNTANTS <br />AND ACTUARIES: <br />AWARD: <br />accepted bid. Bids for the bonds should <br />be addressed to: <br />Mr: Donald Mehsikomer <br />City Clerk -Treasurer <br />11194 Upper 33rd Street North <br />Lake Elmo, Minnesota 55042 <br />At the. time of delivery, the City will <br />deliver to the successful bidder an opinion <br />of a firm of nationally recognized certi- <br />fied public accountants sating that the <br />securities to be acquired from the proceeds <br />of the sale of the bonds will mature at <br />dates and in amounts sufficient to <br />pay when due, or called for redemption <br />prior to maturity, all principal and <br />interest on the bonds being refunded. <br />The City will also deliver an opinion of <br />a firm of nationally recognized actuaries <br />pertaining to the respective yields to be <br />borne by the bonds and the obligations to <br />be acquired from bond proceeds. <br />Award will be made solely on the basis of <br />lowest dollar interest cost, determined by <br />deduction of any premium from the total <br />interest on all bonds from their date to <br />stated maturity. The net effective average <br />rate of the issue may not -exceed 7% per <br />annum. <br />The Issuer reserves the right to reject any and all bids, to waive informalities 4 <br />and to adjourn the sale. <br />Dated May 6, 1975. <br />BY ORDER OF THE CITY COUNCIL <br />/s/ Donald Mehsikomer <br />City Clerk -Treasurer <br />Additional information <br />may be obtained from: <br />JURAN & MOODY, INC. <br />114 East Seventh Street <br />St. Paul, Minnesota 55101 <br />Telephone Number 612/224-9661 <br />PAGE 3 - EXHIBIT "All A TO R-75-14 <br />