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(b) as of the Redemption Date, the sum of (i) the present value of the debt service on
<br />the Bonds, computed to their stated maturity dates, after deducting any premium, using the yield
<br />of the Bonds as the discount rate, plus (ii) any expenses of the refunding payable from a source
<br />other than the proceeds of the Bonds or investment earnings thereon, is lower by 17.040% (not
<br />less than 3%) than the present value of the debt service on the Refunded Bonds, computed to
<br />their stated maturity dates, using the yield of the Bonds as the discount rate.
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<br />SECTION 2. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY.
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<br />2.01. Issuance of Bonds. All acts, conditions and things which are required by the
<br />Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be
<br />performed precedent to and in the valid issuance of the Bonds having been done, now existing,
<br />having happened and having been performed, it is now necessary for the City Council to
<br />establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds
<br />forthwith.
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<br />2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be
<br />originally dated as of December 29, 2015, shall be in the denomination of $5,000 each, or any
<br />integral multiple thereof, of single maturities, shall mature on February 1 and August 1 in the
<br />years and amounts stated below, and shall bear interest from date of issue until paid at the annual
<br />rates set forth opposite such years and amounts, as follows:
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<br />Date Amount Rate Date Amount Rate
<br />February 1, 2016 $140,000 2.000% February 1, 2022 $130,000 2.000%
<br />August 1, 2016 105,000 2.000% August 1, 2022 130,000 2.000%
<br />February 1, 2017 105,000 2.000% February 1, 2023 130,000 2.000%
<br />August 1, 2017 105,000 2.000% August 1, 2023 140,000 2.000%
<br />February 1, 2018 110,000 2.000% February 1, 2024 135,000 2.000%
<br />August 1, 2018 115,000 2.000% August 1, 2024 140,000 2.000%
<br />February 1, 2019 115,000 2.000% August 1, 2025 285,000 2.000%
<br />August 1, 2019 115,000 2.000% August 1, 2026 300,000 2.500%
<br />February 1, 2020 120,000 2.000% August 1, 2027 315,000 2.750%
<br />August 1, 2020 125,000 2.000% August 1, 2028 325,000 3.000%
<br />February 1, 2021 120,000 2.000% August 1, 2029 340,000 3.000%
<br />August 1, 2021 125,000 2.000% February 1, 2031 540,000 3.000%
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