CC RES 08-034 RESOLUTION RELATING TO $1,910,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2008A; AWARIDNG THE SALE, FIXING THE FORMS AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM

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• Section 3. Bond Terms.Execution and Delivery. 3.01. Maturities,Interest Rates,Denominations Payment Dating of Bonds. The City shall forthwith issue and deliver the Bonds,which shall be denominated"General Obligation Street Reconstruction Bonds, Series 2008A"and shall be payable primarily from the 2008 General Obligation Street Improvement Bond Fund of the City created in Section 4.02. The Bonds shall be dated as of June 5,2008,shall be issuable in the denominations of$5,000 or any integral multiple thereof, shall mature on February 1 in the years and amounts set forth below, and Bonds maturing in such years and amounts shall bear interest,computed on the basis of a 360-day year consisting of twelve 30-day months, from June 5,2008 until paid or duly called for redemption at the rates per annum set forth opposite such years and amounts,respectively: Year Amount Rate Year Amount Rate 2010 $100,000 3.00% 2018 $130,000 4.00% 2011 100,000 3.00% 2019 135,000 4.00% 2012 105,000 3.25% 2020 140,000 4.00% 2013 105,000 3.25% 2021 145,000 4.00% 2014 110,000 3.50% 2022 155,000 4.00% 2015 115,000 3.50% 2023 160,000 4.00% 2016 120,000 4.00% 2024 165,000 4.00% 2017 125,000 4.00% The Bonds shall be issuable only in fully registered form,of single maturities. The interest thereon and, upon surrender of each Bond at the principal office of the Registrar described herein,the principal amount thereof, shall be payable by check or draft issued by the Registrar. Each Bond shall be dated by the Registrar as of the date of its authentication. 3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing February 1,2009,to the owners thereof as such appear of record in the bond register as of the close of business on the fifteenth day of the immediately preceding month,whether or not such day is a business day. 3.03. Registration. The City shall appoint,and shall maintain, a bond registrar, transfer agent and paying agent(the"Registrar"). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal office a bond register in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered,transferred or exchanged. (b) Transfer of Bonds. Upon surrender to the Registrar for transfer of any Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer,in form satisfactory to the Registrar, duly executed by the registered owner • thereof or by an attorney duly authorized by the registered owner in writing,the Registrar -6-