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<br />1. AcceDtance of Bid. The bid of Griffin, Kubik,
<br />stephens & Thompson, Inc. (the "Purchaser") to purchase
<br />$20,035,000 General Obligation Tax Increment Refunding Bonds,
<br />Series 1992 of the City (the "Bonds", or individually a "Bond"),
<br />in accordance with the Official Notice of Sale for the bond sale,
<br />at the rates of interest hereinafter set forth, and to pay
<br />therefor the sum of $19,814,650, plus interest accrued to
<br />settlement, is hereby found, determined and declared to be the
<br />most favorable bid received and is hereby accepted, and the Bonds
<br />are hereby awarded to said bidder. The Manager is directed to
<br />retain the deposit of the Purchaser and to forthwith return to
<br />the unsuccessful bidders their good faith checks or drafts.
<br />
<br />2. Title: Original Issue Date: Denominations:
<br />Maturities. The Bonds shall be titled "General Obligation Tax
<br />Increment Refunding Bonds, Series 1992", shall be dated
<br />February 1, 1992, as the date of original issue and shall be
<br />issued forthwith on or after such date as fully registered bonds.
<br />The Bonds shall be numbered from R-1 upward. Global certificates
<br />shall each be in the denomination of the entire principal amount
<br />maturing on a single date, or, if a portion of said principal
<br />amount is prepaid, said principal amount less the prepaYment.
<br />Replacement Bonds, if issued as provided in paragraph 6, shall be
<br />in the denomination of $5,000 each or in any integral multiple
<br />thereof of a single maturity. The Bonds shall mature on
<br />February 1 in the years and amounts as follows:
<br />
<br />Year Amount XüI: Amount
<br />1995 $1,215,000 2001 $1,675,000
<br />1996 1,275,000 2002 1,775,000
<br />1997 1,345,000 2003 1,880,000
<br />1998 1,420,000 2004 1,995,000
<br />1999 1,500,000 2005 2,120,000
<br />2000 1,585,000 2006 2,250,000
<br />
<br />3. Purcose: Refundina Findings. The Bonds shall
<br />provide funds for a crossover refunding of all the City's
<br />callable Prior Bonds (the "Refunding"). It is hereby found,
<br />determined and declared that the Refunding is pursuant to
<br />Minnesota Statutes, Section 475.67, Subdivision 13, and shall
<br />result in a reduction of debt service cost to the City.
<br />
<br />4. Interest. The Bonds shall bear interest payable
<br />semiannually on February 1 and August 1 of each year (each, an
<br />"Interest Payment Date"), commencing August 1, 1992, calculated
<br />on the basis of a 360-day year of twelve 30-day months, at the
<br />respective rates per annum set forth opposite the maturity years
<br />as follows:
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<br />26957
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