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<br />(a) the following assessable public improvements (the Improvements) have <br />been made, duly ordered or contracts let for the construction thereof, by the City pursuant <br />to the provisions of Minnesota Statutes, Chapter 429 (Act): <br /> <br />Project Designation & Description <br /> <br />Total Proiect Cost <br /> <br />Peltier Preserve Improvements <br />Costs of Issuance <br />Underwriter's Discount <br />Capitalized Interest <br /> <br />$713,300 <br />12,825 <br />7,400 <br />6.475 <br /> <br />Total Issue <br /> <br />$740,000 <br /> <br />(b) it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue $740,000 General Obligation Temporary Improvement Bonds, <br />Series 2003 (Bonds) pursuant to the Act to provide temporary financing for the <br />Improvements. <br /> <br />2. To provide temporary fmancing for the Improvements, the City will therefore <br />issue and sell Bonds in the amount of $732,600. To provide in part the additional interest <br />required to market the Bonds at this time, additional Bonds will be issued in the amount of <br />$7,400. The excess of the purchase price of the Bonds over the sum of$732,600 will be credited <br />to the debt service fund for the Bonds for the purpose of paying interest first coming due on the <br />additional Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of <br />the following Terms of Proposal: <br /> <br />SJB-231866vl <br />CE155-20 <br />