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<br />D. WHEREAS, the City has solicited proposals to purchase the bonds pursuant to <br />Minnesota Statutes. Section 475.60; and ' <br /> <br />E. WHEREAS, the proposals set forth on Exhibit A attached heretO'. were received' <br />by the City; and ' . , .. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City as follows: <br /> <br />1. Sale of Bonds: Purpose. <br /> <br />1.01. The proposal of United Bankers' Bank (the Purchaser") to purchase the Bonds (or. <br />individually, a "Bond") in accordance with the terms established for the Bonds, at'the rates of <br />interest hereinafter set forth, and to pay therefor the sum of $2.571.400.00. plus interest accrued <br />'to the date of delivery of the Bonds, is hereby found, determined and declared to be the most <br />favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to said <br />Purchaser. <br /> <br />1.02. The Bonds shall be titled "General Obligation Improvement Bonds, Series <br />2007 A", shall be dated December 11, 2007, as the date of original issue and shall be issued <br />forthwith on or after such date as fully registered bonds. The City assunies no obligation for the <br />assignment or printing of CUSIP numbers on the Bonds or for the correctness of any CUSIP <br />numbers printed thereon. The City will permit such numbers to be printed on the Bonds at the <br />expense of the Purchaser, provided, that the City shall not be responsible for any delay in <br />delivery of the Bonds occasioned thereby. The Bonds shall be numbered from R-l 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 June 1 in the years and amounts as <br />follows: <br /> <br />Year <br /> <br />Amount <br /> <br />Year <br /> <br />Amount <br /> <br />2010 <br />2011 <br />2012 <br />2013 <br />2014 <br />2015 <br />2016 <br /> <br />$140,000 <br />$145,000 <br />$150,000 . <br />$155,000 <br />$165,000 <br />$170,000 <br />$175,000 <br /> <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br /> <br />$185,000 <br />$195,000 <br />$205,000 <br />$215,000 <br />$220,000 <br />$235,000 <br />$245,000 <br /> <br />1.03. The Bonds shall provide funds to finance the cost of constructing the Project. <br /> <br />1.04. The Bonds shall bear interest payable semiannually on June 1 and :December 1 of <br />each year (each, an "Interest Payment Date") commencing on June 1, 2008, calculated on the. <br />basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the <br />Municipal Securities Rulemaking Board, at the respective rates per annum set forth opposite the <br />maturity years as follows: <br /> <br />2 <br />