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• of the Utility. The City presently has no outstanding obligations which constitute a lien on the net <br /> revenues of the Utility. All acts, conditions and things which are required by the Constitution and laws <br /> of the State of Minnesota to be done,to exist, to happen and to be performed precedent to and in the <br /> valid issuance of the Bonds having been done, existing, having happened and having been performed, it <br /> is now necessary for this Council to establish the form and terms of the Bonds, to provide security <br /> therefor and to issue the Bonds forthwith. <br /> Section 2. Form of Bonds. The Bonds shall be prepared in substantially the following <br /> form: <br /> • -2- <br />