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1.05. Performance of Requirements. All acts, conditions and things which are <br /> required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen <br /> and to be performed precedent to and in the valid issuance of the Bonds having been done, <br /> existing, having happened and having been performed, it is now necessary for this Council to <br /> establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds <br /> forthwith. <br /> 1.06. Maturities. This Council finds and determines that the maturities of the <br /> Improvement Bonds, as set forth in Section 2.01 hereof, are warranted by the anticipated <br /> collection of the assessments to be levied for the cost of the Improvements. <br /> Section 2. Bond Terms; Registration; Execution and Delivery. <br /> 2.01. Maturities; Interest Rates; Denominations; Payment. The Bonds shall be <br /> designated General Obligation Bonds, Series 2012A, shall be originally dated as of April 25, <br /> 2012, shall be in the denomination of$5,000 each, or any integral multiple thereof, shall mature <br /> on February 1 in the respective years and amounts stated below, and shall bear interest, <br /> computed on the basis of a 360-day year consisting of twelve 30-day months, from April 25, <br /> 2012 until paid or duly called for redemption at the respective annual rates set forth opposite <br /> such years and amounts, as follows: <br /> Year Amount Rate Year Amount Rate <br /> 2013 $295,000 2.00% 2020 $860,000 2.00% <br /> 2014 660,000 2.00% 2021 885,000 2.00% <br /> 2015 750,000 2.00% 2022 915,000 2.05% <br /> 2016 770,000 2.00% 2023 705,000 2.20% <br /> 2017 800,000 2.00% 2024 550,000 2.30% <br /> 2018 815,000 2.00% 2025 320,000 2.55% <br /> 2019 835,000 2.00% 2026 335,000 2.75% <br /> The Bonds shall be issuable only in fully registered form. The interest thereon and, upon <br /> surrender of each Bond, the principal amount thereof, shall be payable by check or draft issued <br /> by the Registrar for the Bonds appointed herein. <br /> The portion of the Bonds maturing in the following years and amounts constitute <br /> the Refunding Bonds: <br /> -3- <br />