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36 <br />exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having <br />been done, existing, having happened and having been performed, it is now necessary for this <br />Council to establish the form and terms of the Bonds, to provide security therefor and to issue the <br />Bonds forthwith. <br />1.04. Savings. It is hereby determined that: <br />(i) by the issuance of the Bonds to refund the Prior Bonds, the City will realize a <br />substantial interest rate reduction, a gross savings of approximately $ and a present <br />value savings (using the yield on the Bonds, computed in accordance with Section 148 of the <br />Internal Revenue Code of 1986, as amended (the "Code"), as the discount factor) of <br />approximately $ ; and <br />(ii) as of the Redemption Date, the sum of (i) the present value of the debt service <br />on the Bonds, computed to their stated maturity dates, after deducting any premium, using the <br />yield of the Bonds as the discount rate, plus (ii) any expenses of the refunding payable from a <br />source other than the proceeds of the Bonds or investment earnings thereon, is lower by <br />% than the present value of the debt service on the Prior Bonds, exclusive of any <br />premium, computed to their stated maturity dates, using the yield of the Bonds as the discount <br />rate. <br />Section 2. Form of Bonds. The Bonds shall be prepared in substantially the <br />following form: <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTIES OF HENNEPIN AND RAMSEY <br />CITY OF ST. ANTHONY <br />GENERAL OBLIGATION WATER AND SEWER REVENUE REFUNDING BOND, <br />SERIES 2013A <br />No. R- $ <br />Interest Rate Maturity Date of CUSIP <br />Original Issue <br />February 1, 20 January 8 , 2013 <br />REGISTERED OWNER: CEDE & CO. <br />PRINCIPAL AMOUNT: DOLLARS <br />THE CITY OF ST. ANTHONY, Hennepin and Ramsey Counties, Minnesota (the <br />"City"), acknowledges itself to be indebted and, for value received, hereby promises to pay to the <br />registered owner named above, or registered assigns, the principal amount specified above, on <br />the maturity date specified above, with interest thereon from the date of original issue specified <br />-2- <br />