Res. #14-038 - Accepting Proposal on the Sale of $1,385,000 G.O. Impr. Refunding Bonds, Series 2015A

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Year Amount Year Amount 2018 $70,000 2022 $190,000 2019 $215,000 2023 $200,000 2020 $120,000 2024 $200,000 2021 $190,000 2025 $200,000 1.03. The Bonds shall provide funds to finance the current refunding of the 2016 through 2018 maturities of the 2009 Bonds. It is hereby found, determined and declared that the refunding of the 2009 Bonds is pursuant to Minnesota Statutes, Section 475.67, is consistent with the covenants made to the Bondholders thereof, and shall result in a restructuring of the debt service payments in a manner that is beneficial to the City. 1.04. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date") commencing on August 1, 2015, calculated on the bases of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board, at the respective rates per annum set forth opposite the maturity years as follows: Year Rate Year Rate 2018 0.85% 2022 1.75% 2019 1.05% 2023 1.90% 2020 1.30% 2024 2.05% 2021 1.55% 2025 2.25% Net Effective Interest Rate: 1.9014% Section 2. Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York, or any of its successors or its successors to its functions hereunder (the "Depository"), will act as securities depository for the Bonds, and to this end: (a) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under Section 6, Authorized Denominations for any Bond shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that Bond. (b) Upon initial issuance, ownership of the Bonds shall be registered in a bond register maintained by the Registrar (as hereinafter defined) in the name of Cede & Co., as the nominee (it or any nominee of the existing or a successor Depository, the "Nominee"). (c) With respect to the Bonds, neither the City nor the Registrar shall have any responsibility or obligation to any broker, dealer, bank, or any other financial institution for which the Depository holds Bonds as securities depository, (the "Participant") or the person for 3