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Plus Allowance for Discount Bidding (an interest cost - approximately $12.50 per 1,000) TOTAL BOND ISSUE (c) it is necessary and expedient to the sound financial management of the affairs of the City to issue approximately $ 720, oo~eneral Obligation Sewer and Water Revenue Bonds, Series 1998 (Bonds) p~suant to the Act to provide financing for the Project. 1.02. The proposal of Cronin & Company, Inc. (Purchaser) to purchase $ 720,,000 General Obligation Sewer and Water Revenue Bonds, Series 1998 (Bonds) of the City described in the Terms of Proposal thereof is found and determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of $ plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturi tv Rate 2000 4.10% 2005 4.50% 2001 4.15% 2006 4.60% 2002 4.20% 2007 4.70% 2003 4.30% 2008 4.75% 2004 4.40% 2009 4.80% True interest cost: ~.7661% 1.03. The sum of $ 1,591.00 being the amount proposed by the Purchaser in excess of $ 711 ,065 . 00 will be credited to the Debt Service Fund hereinafter created. The City Clerk 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. 1.04. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Section 444.075 (Act), in the total principal amount of $ 720,000 , originally dated July 1, 1998, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R -1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: DJK144119 CE1SS-13