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Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by Springsted; and G. WHEREAS,the proposals set forth on Exhibit A attached hereto were received by the Clerk-Treasurer, or designee, at the offices of Springsted at 10:00 a.m. this same day pursuant to the Terms of Proposal established for the Bonds; and H. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- entry form as hereinafter provided. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot Lakes, Minnesota, as follows: 1. Acceptance of Offer. The proposal of Northland Securities, Minneapolis, Minnesota(the "Purchaser"), to purchase the Bonds, in accordance with the Terms of Proposal at the rates of interest hereinafter set forth, and to pay therefor the sum of$1,254,760.00, plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The City Clerk-Treasurer is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders their good faith checks or drafts. 2. Terms of Bonds. (a) Original Issue Date; Denominations; Maturities. The Bonds shall be dated August 1,2012, as the date of original issue, shall be issued forthwith on or after such date in fully registered form, shall be numbered from R-1 upward in the denomination of$5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations") and shall mature on February 1 in the years and amounts as follows: Year Amount Interest Rate Year Amount Interest Rate 2013 $ 70,000 0.60% 2023 $130,000 2.00 2015 110,000 0.60 2025 135,000 2.40 2017 120,000 0.90 2027 145,000 3.00 2019 120,000 1.30 2031 320,000 3.10 2021 120,000 1.70 As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). (b) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder(the "Depository")will act as securities depository for the Bonds, and to this end: 2 4767714v1