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• Prior Bonds. The portion of the Bonds issued to refund the Series 2001 A Bonds are referred to <br /> as the "Tax Abatement Bonds"and are issued pursuant to the Minnesota Statutes, <br /> Section 469.1814 and Chapter 475,the portion of the Bonds issued to refund the Series 2001B <br /> Bonds and the Series 2002A Bonds are referred to as the"Improvement Bonds"and are issued <br /> pursuant to Minnesota Statutes, Chapter 429. The allocation of the Bonds for this purpose is set <br /> forth in Section 3.01 hereof. <br /> 1.02. Sale of Bonds. The City has retained Ehlers &Associates, Inc., an independent <br /> financial advisor,to assist the City in connection with the sale of the Bonds. The Bonds are <br /> being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph(9), without <br /> meeting the requirements for public sale under Minnesota Statutes, Section 475.60, <br /> Subdivision 1. Pursuant to the Terms and Conditions of Sale for the Bonds, six (6) proposals for <br /> the purchase of the Bonds were received at or before the time specified for receipt of proposals. <br /> The proposals have been opened and publicly read and considered, and the purchase price, <br /> interest rates and true interest cost under the terms of each bid have been determined. The most <br /> favorable proposal received is that of M & I Marshall & Ilsley Bank of Milwaukee, Wisconsin, <br /> and associates (the "Purchaser"), to purchase the Bonds at a price of$1,681,981.49, the Bonds to <br /> bear interest at the rates set forth in Section 2.01. The proposal is hereby accepted, and the <br /> Mayor and the City Manager are hereby authorized and directed to execute a contract on the part <br /> of the City for the sale of the Bonds with the Purchaser. The good faith checks of the <br /> unsuccessful bidders shall be returned forthwith. <br /> 1.03. Performance of Requirements. All acts, conditions and things which are required <br /> • by the 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, existing, having <br /> happened and having been performed, it is now necessary for this Council to establish the form <br /> and terms of 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 of the <br /> Improvement 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 the payment <br /> of the Improvement Bonds as provided in Section 5 hereof. <br /> Section 2. Form of Bonds. The Bonds shall be prepared in substantially the <br /> following form: <br /> [The remainder of this page is intentionally left blank] <br /> • <br /> -2- <br />