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necessary and desirable for the reduction of debt service cost to <br />the City; and <br />J. WHEREAS, the City Council has -heretofore <br />determined and declared that it is necessary an � ex edient to <br />&T, 000 <br />issue the Bonds of the City in the amount...of...$ , <br />pursuant to Minnesota Statutes, Chapter 415, to provide moneys - -- . <br />for an advance refunding of the Refunded Bonds.; and <br />K. WHEREAS, it is in the best interests of the City <br />-that.--the -Bonds be -issued -in. book�gntry form as_whereinafzes .-_ _1e _ _ <br />provided; and <br />NOW, .THEREFORE, .BE IT. RESOLVED by the ___of the, <br />City of Hugo, Minnesota, as follows: <br />- *.1. _ Acceptance of Proms. The _.proposal._of... <br />(the "Purchaser"), to.purchase the Bonds <br />of =the City. (or. the ."Refunding Bonds"., . or_.indiuiduall ..a.. "Bons!!:)..,.........-.--_.- <br />in .-accordance. with the Terms of Proposal-- at the Atl6s_ o <br />interest hereinafter set forth, and to pay--th:arefor the sum of <br />$ 1,217,650.00, plus interest accrued to settlement, is hereby <br />found., --determined and declared to be the :most. favorable- - <br />proposal -received and is hereby accepted, and the Bonds are hereby awarded <br />to said proposal maker. The City Clerk -Treasurer is directed to <br />retain -the deposit of said proposal maker and to forthwith return <br />to the unsuccessful proposal makers their good faith checks and <br />drafts. <br />2. Bond Terms. <br />(a) Title: Original Issue Date: Denominations: <br />Maturities. The Bonds shall be titled "General Obligation <br />Improvement Refunding Bonds, Series 1998A11, shall.be dated April <br />1, 1998, as the date of original issue and shall be issued <br />forthwith on or after such date as fully registered bonds. The <br />Bonds shall be numbered from R-1 upward in the denomination of <br />$5,000 each or in any integral multiple thereof of a single <br />maturity (the "Authorized Denominations"). The Bonds shall <br />mature on February 1, without option of prepayment, in the years <br />and amounts as follows: <br />*FBS Investment Services, Inc., <br />an operating, division of U.S. Bancorp Investment Services, Inc. <br />91372.01 3 <br />