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•JUN. 25. 1 999 S:39AM EHLERS UiSOC.NO. 4700 . 4 <br />Year <br />2001 <br />2002 <br />2003 <br />2004 <br />2005 <br />2006 <br />2007 <br />2008 <br />Amount <br />$60,000 <br />60,000 <br />65,000 <br />65.000 <br />70.000 <br />70,000 <br />75.000 <br />75,000 <br />Year <br />2009 <br />2010 <br />2011 <br />2012 <br />2013 <br />2014 <br />2015 <br />Amount <br />$80,000 <br />85,000 <br />90.000 <br />95.000 <br />95,000 <br />100,000 <br />105,000 <br />All Bonds mauiring on or after February 1, 2009. are subject to redemption prior <br />payment in whole or in part in such order as the City may determine and by lot within a <br />maturity at the option of the City on February 1, 2008, and any date thereafter at ^ and <br />accrued interest. In the event of redemption by lot of Bonds of like matunty, the Bond <br />Recistrar shall assign to each Bond of such maturity then outstanding a distinctive number ^ <br />for each $5,000 of the principal amount of such Bonds and shall select by lot in the rnamier it <br />determines the order of numbers, at $5,000 for each number, for all outstanding BoncU of like <br />mamrity. The order of selection of Bonds to be redeemed shall be the Bonds to which were <br />assigned numbers so selected, but only so much of the principal amount of each Bond of a <br />denomination of more than $5,000 shall be redeemed as shall equal $5,000 tor each number <br />assigned to it and so selected. The Bonds shall be numbered R-1 upwards m order of <br />issuance or in such other order as the Regisuar may determine and shall be m the <br />denomination of $5,000 each or any integral multiple thereof not exceeding the amount <br />maturing in any year. <br />3 The Bonds are being issued to provide financing of estimated costs in <br />the minimum amount of $________. including contract price, constmetion interest and <br />legal fiscal and miscellaneous costs for certain local impros emems of the City piquant to <br />the authority of Chapter 429, Minnesota Statutes, referred to as Shoreline Dnve/Hentage <br />Lane, Orono Orchards and Edgewood Hills, and also to provide additiona mteresun the <br />amount of S in the form of obligations as authonzed m Section 475.56, Minnesota <br />Statutes. cotJsisting of bonds maturing in 2001 . The City Council has made all necessary <br />investigation and hereby finds and determines as follows: <br />a. The City Council has held a public hearing after due notice regarding <br />each such improvement and has ordered in each such improvement <br />b. Contract for the construction of each such improvement will be entered <br />into within the time prescribed by law. <br />-3-