RES 16-042 RELATING TO $1,445,000 GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2016B; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR

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1.05. Performance of Requirements. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, existing, having happened and having been performed, it is now necessary for this Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. Section 2. Form of Bonds. The Bonds shall be prepared in substantially the form attached as Exhibit A hereto. 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 Tax Abatement Bonds, Series 2016B." The Bonds shall be dated as of June 2, 2016, 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 from date of issue until paid or duly called for redemption at the rates per annum set forth opposite such years and amounts as follows: Year Amount Rate Year Amount Rate 2017 $640,000 2.00% 2022 $90,000 2.00% 2018 85,000 2.00 2023 90,000 2.00 2019 85,000 2.00 2024 95,000 2.00 2020 85,000 2.00 2025 95,000 2.00 2021 90,000 2.00 2026 90,000 2.00 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, 2017, 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. Interest on the Bonds will be computed on the basis of a 360 -day year consisting of twelve 30 -day months and will be rounded pursuant to the rules of the Municipal Securities Rulemaking Board. 3.03. Re¢istration. 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) Re ister. 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. 2