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E. WHEREAS, the proposals set forth on Exhibit A attached hereto were received <br />by the Clerk, or designee, at the offices of Springsted at 12:00 noon this same day pursuant to the <br />Terms of Proposal established for the Bonds; and <br />F. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - <br />entry form as hereafter provided. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, as follows: <br />1. ' Acceptance of Proposal. The proposal of Wells Fargo Brokerage Services, LLC <br />(the "Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal established <br />for the Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of <br />$2,526,428.10, plus interest accrued to settlement, is hereby found, determined and declared to <br />be the most favorable proposal received and is hereby accepted, and the Bonds are hereby <br />awarded to said Purchaser. The Clerk is directed to retain the deposit of the Purchaser and to <br />forthwith return to the unsuccessful bidders their good faith checks or drafts. <br />2. Bond Terms. <br />(a) Original Issue Date: Denominations: Maturities: and Term Bond Option. The <br />Bonds shall be dated July 1, 2004, as the date of original issue and shall be issued forthwith on or <br />after such date in fully registered form. The Bonds shall be numbered from R-1 upward in the <br />denomination of $5,000 each or in any integral multiple thereof of a single maturity (the <br />"Authorized Denominations "). The Bonds shall mature on February 1 in the years and amounts <br />as follows: <br />Year <br />Amount <br />Year <br />Amount <br />2006 <br />$140,000 <br />2014 <br />$170,000 <br />2007 <br />140,000 <br />2015 <br />180,000 <br />2008 <br />145,000 <br />2016 <br />185,000 <br />2009 <br />145,000 <br />2017 <br />195,000 <br />2010 <br />150,000 <br />2018 <br />200,000 <br />2011 <br />155,000 <br />2019 <br />210,000 <br />2012 <br />160,000 <br />2020 <br />220,000 <br />2013 <br />165,000 <br />All dates are inclusive. As may be requested by the Purchaser, one or more term Bonds may be <br />issued having mandatory sinking fund redemption and final maturity amounts conforming to the <br />forgoing principal repayment schedule, and corresponding additions may be made to the <br />provisions of the applicable Bond(s). <br />(b) Book Entry Only System. The Depository Trust Company, a limited purpose <br />trust company organized under the laws of the State of New York or any of its successors or <br />successors to its functions hereunder (the "Depository") will act as securities depository for the <br />Bonds, and to this end: <br />MOW 2 <br />