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• <br /> (b) The Series 1989A Bonds and the Series <br /> 1111 1989C Bonds are subject to prepayment on February 1, <br /> 1998 , and February 1, 1997, respectively, at the <br /> option of the City at the redemption price of par <br /> plus accrued interest . <br /> (c) The refunding of the Prior Bonds is <br /> consistent with covenants made with the holders <br /> thereof and is necessary and desirable for and will <br /> result in the reduction of debt service cost to the <br /> City. <br /> (d) It is necessary and expedient to issue the <br /> City' s Taxable General Obligation Tax Increment <br /> Refunding Bonds, Series 1996A (the "Bonds" ) , to <br /> provide moneys for a refunding of the Prior Bonds . <br /> The necessary principal amount of the Bonds is <br /> currently estimated to be $2 , 750 , 000, but in <br /> offering the Bonds for sale, the City will reserve <br /> the right to increase or decrease the amount of the <br /> Bonds by not more than $50, 000, and accordingly the <br /> maximum principal amount of the Bonds would be <br /> $2, 800, 000 . <br /> (e) The City has retained Springsted <br /> - Incorporated, in Saint Paul, Minnesota, as its <br /> independent financial advisor for the Bonds and is <br /> therefore authorized to sell the Bonds by a <br /> competitive negotiated sale in accordance with <br /> Minnesota Statutes, Section 475 . 60, Subdivision <br /> 2 (9) . <br /> (f) it is necessary and desirable to the sound <br /> financial management of the affairs of the City that <br /> the City issue the Bonds pursuant to Minnesota <br /> Statutes, Section 475 . 67, in order to provide <br /> financing for the refunding described above, and the <br /> Council hereby states its intention to authorize and <br /> issue the Bonds accordingly. <br /> 2 . The terms and conditions of the Bonds and the sale <br /> thereof are set forth in the "Terms of Proposal" attached hereto <br /> as Exhibit A, and the Council shall meet at the time and place <br /> specified therein for the purposes of opening and considering <br /> sealed bids for the purchase of the Bonds and considering the <br /> award of sale of the Bonds . <br /> Adopted by the City Council of the City of Mounds View, <br /> Minnesota, on February 5, 1996 . <br /> • <br /> 311067.1 2 <br />