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39 <br />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 <br />Amount Rate <br />Year <br />Amount Rate <br />2013 <br />$310,000 <br />2021 <br />$890,000 <br />2014 <br />705,000 <br />2022 <br />905,000 <br />2015 <br />790,000 <br />2023 <br />700,000 <br />2016 <br />800,000 <br />2024 <br />545,000 <br />2017 <br />825,000 <br />2025 <br />155,000 <br />2018 <br />835,000 <br />2026 <br />160,000 <br />2019 <br />845,000 <br />2027 <br />165,000 <br />2020 <br />860,000 <br />2028 <br />170,000 <br />[REVISE MATURITY SCI IEDULE FOR ANY TERM BONDS] <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 />