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<br />I <br /> <br />, <br /> <br />L It is hereby determined that: <br /> <br />(a) the following assessable public improvements (the Improvements) <br />have been made, duly ordered or contracts let for the construction thereof, by the City <br />pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act); <br /> <br />Proiect Designation & Description: <br /> <br />Total Project Cost <br /> <br />Pheasant Marsh Phase 2 <br />proj ect Costs <br />Costs ofIssuance <br />Capitalized Interest <br />Less: Est. ConstL Fund Investment Income <br />Rounding factor <br /> <br />$580,909 <br />24,040 <br />32,720 <br />(1,139) <br />(1,530) <br /> <br />Total Issue: <br /> <br />$635,000 <br /> <br />(b) it is necessary and expedient to the sound financial management of <br />the affairs of the City to issue $635,000 General Obligation Improvement Bonds of 2002 <br />(Bonds) pursuant to the Act to provide financing for the Improvements. <br /> <br />2. To provide financing for the Improvements, the City will issue and sell Bonds in <br />the amount of $626, 11 O. To provide in part the additional interest required to market the Bonds <br />at this time, additional Bonds will be issued in the amount of $8,890. The excess of the purchase <br />price of the Bonds over the sum of $626,110 will be credited to the debt service fund for the <br />Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds <br />will be issued, sold and delivered in accordance with the terms of the following Terms of <br />Proposal: <br /> <br />SJB-219027vl <br />CE155-19 <br />