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purchase $615,000 General Obligation Improvement Bonds, Series 1998 (Bonds) of the City described in the Terms of Proposal thereof is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $ 608" 885 .00 plus accrued interest to date of delivery, for Term Bonds bearing interest as follows: Year of Maturity Interest Rate 2001 2004 2006 2009 4.10% 4.25 4.40 4.50 True interest cost: 4.5873% 1.04. The sum of $6,115 being the amount proposed by the Purchaser in excess of $608,885 will be credited to the Debt Service Fund hereinafter created. The City Administrator is directed to deposit the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.05. The City will forthwith issue and sell the Term Bonds pursuant to Minnesota Statutes, Chapter 429 (Act) in the total principal amount of $615,000, originally dated August 1, 1998, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: Term Bonds due February 1, 2001 in the amount of $105,000 Term Bonds due February 1, 2004 in the amount of $170,000 Term Bonds due February 1, 2006 in the amount of $125,000 Term Bonds due February 1, 2009 in the amount of $215,000 1.06. Optional Redemption. The City may elect on February 1, 2005, and on any day thereafter to prepay Bonds due on or after February 1 2006. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in Section 7 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. 1.07. Mandatory Sinking Fund Redemption. The Term Bonds are subject to mandatory sinking fund redemption and shall be redeemed in part by lot at par plus accrued interest on the sinking fund installment dates and in the principal amounts as follows: DJK-148161 CE155-15