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1.02. Sale of Bonds. The City has received proposals for the <br /> purchase of the Bonds. The most favorable proposal received 'is that of <br /> ,of (the <br /> "Purchaser"), to purchase the Bonds at a price of $ , the Bonds to bear <br /> interest at the rates set forth in Section 3.01 hereof and to be subject to the further <br /> terms and conditions set forth in this Resolution. The proposal is hereby accepted, <br /> and the Mayor and the City Manager are hereby authorized and directed to execute a <br /> contract on the part of the City for the sale of the Bonds with the Purchaser. The <br /> good faith checks of the unsuccessful bidders shall be returned forthwith. <br /> 1.03. Performance of Requirements. All acts, conditions and things <br /> which are required by the Constitution and laws of the State of Minnesota to be <br /> done, to exist, to happen and to be performed precedent to and in the valid issuance <br /> of the Bonds having been done, existing, having happened and having been <br /> performed, it is now necessary for this Council to establish the form and terms of <br /> the Bonds, to provide security therefor and to issue the Bonds forthwith. <br /> 1.04. Maturities of Bonds. The Council hereby finds that the maturities <br /> of the Bonds as set forth in Section 3.01 hereof are warranted by the anticipated <br /> collections of special assessments and ad valorem taxes levied and to be levied for <br /> the payment of the Bonds as provided in Section 4 hereof. <br /> Section 2. Form of Bonds. The Bonds shall be prepared in substantially <br /> the following form: <br /> -2- <br />