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B. WHEREAS, each item of equipment to be financed by the Certificates has an <br />expected useful life at least as long as the term of the Certificates; and <br />C. WHEREAS, the City has no outstanding Certificates of Indebtedness; and <br />D. WHEREAS, the principal amount of the Certificates does not exceed one-quarter <br />of one percent (0.25%) of the market value of the taxable property in the City ($491,614,700 <br />times 0.25% is $1,229,036); and <br />E. WHEREAS, it is in the- best interests of the City that the Certificates be issued in <br />book -entry form as hereinafter provided; and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, as follows: <br />1. AMWU= of Proper The proposal of United Bankers' Bank (the <br />"Purchaser"), to purchase the Certificates in accordance with the Terms of Proposal, at the rates <br />of interest hereinafter set forth, and to pay therefor the sum of $437,360.00, plus accrued interest <br />to settlement, is hereby found, determined and declared to be the most favorable proposal <br />received and is hereby accepted, and the Bonds are hereby awarded to said proposal maker. The <br />City Administrator is directed to retain the deposit of said proposal maker and to forthwith return <br />to the unsuccessful proposal makers their good faith checks and drafts. <br />2. Certificate Terms. <br />Certificates shall be dated August 1, 2002, as the date of original issue and shall be issued <br />forthwith on or after such date as fully registered certificates. The Certificates shall be numbered <br />from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a <br />single maturity (the "Authorized Denominations"). The Certificates shall mature, without option <br />of prepayment, on August 1 in the years and amounts as follows: <br />Year Amount Year Amount <br />2003 $80,000 2006 $90,000 <br />2004 85,000 2007 95,000 <br />2005 90,000 <br />As may be requested by the Purchaser, one or more term Bonds may be issued having <br />mandatory sinking fund redemption and final maturity amounts conforming to the foregoing <br />principal repayment schedule, and corresponding additions may be made to the provisions of the <br />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 its <br />14290900 <br />2 <br />