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The Finance Director is directed to deposit the good faith deposit of the Purchaser, specified in the <br />Terms of Offering, pending delivery of the Bonds and payment therefor. <br />1.04. Compliance with the Laws. All acts, conditions and things required by the <br />Constitution and laws of the State of Minnesota to be done, to happen and to be performed <br />precedent to the issuance of the Bonds having been done, having happened and having been <br />performed in regular and due form, time and manner as required by law, the City Council hereby <br />finds and determines that it is necessary for this City Council to provide for the issuance, sale and <br />deliver of the Bonds, to establish the form and terms of the Bonds and to provide for the payment <br />and the security thereof. <br />ARTICLE II <br />AUTHORIZATION; BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY <br />2.01. Authorization and Designation. The City Council hereby authorizes the issuance <br />of its General Obligation Capital Improvement Bonds, Series 2021A under the terms provided in <br />this resolution. <br />2.02. Maturities, Interest Rates and Denominations. The Bonds shall be originally <br />dated their date of original issue and delivery (December 30, 2021), shall be issued and sold in <br />denominations of $5,000 or any integral multiple thereof within a single maturity, shall mature on <br />December 20 in the years and amounts set forth below and shall bear interest at the rates per annum <br />set forth below opposite such years and amounts from their date of original issue or from the most <br />recent Interest Payment Date to which interest has been paid or duly provided for until paid or duly <br />called for redemption (if any), as follows: <br />Maturity Date <br />(December 20) <br />Principal Amount <br />Interest Rate <br />2023 <br />$ 340,000 <br />4.000% <br />2024 <br />355,000 <br />4.000 <br />2025 <br />365,000 <br />4.000 <br />2026 <br />380,000 <br />4.000 <br />2027 <br />395,000 <br />4.000 <br />2028 <br />415,000 <br />4.000 <br />2029 <br />430,000 <br />4.000 <br />2030 <br />445,000 <br />4.000 <br />2031 <br />465,000 <br />4.000 <br />2032 <br />485,000 <br />2.000 <br />2033 <br />495,000 <br />2.000 <br />2034 <br />505,000 <br />2.000 <br />2035 <br />515,000 <br />2.000 <br />2036 <br />525,000 <br />2.000 <br />2037 <br />535,000 <br />2.000 <br />2038 <br />545,000 <br />2.000 <br />2039 <br />555,000 <br />2.000 <br />2041 <br />1,140,000 <br />2.000 <br />2 <br />4854-7635-7637.2 <br />