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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot
<br /> Lakes, Minnesota, as follows:
<br /> 1. Acce.ptance of Offer. The offer of Bremer Bank, National Association, in
<br /> Brainerd, Minnesota(the "Purchaser"), to purchase the Bond and to pay therefor the sum of
<br /> $2,098,000.00, plus interest accrued to settlement, all in accordance with the terms and at the rate
<br /> of interest hereinafter set forth, is hereby accepted.
<br /> 2. Bond Terms.
<br /> (a) Original Issue Date; Denominations; Maturities; Interest and Redemption. The
<br /> City shall forthwith issue the Bond, which shall be in fully registered form without interest
<br /> coupons, shall be dated, mature, bear interest,be subject to redemption and be payable as
<br /> provided in the form of the Bond.
<br /> (b) Allocation. The aggegate principal amount of$ 1,040,000 maturing in each of
<br /> the years and amounts hereinafter set forth are issued to finance the Utility Improvements (the
<br /> "Utility Revenue Portion"). The aggregate principal amount of$ 1,058,000 maturing in each of
<br /> the years and amounts hereinafter set forth are issued to finance the Disposal System
<br /> Improvements (the "Disposal System Portion"):
<br /> Utility Revenue Disposal S�tem
<br /> Year Portion Portion Total Amount
<br /> 2021 25,000 25,000
<br /> 2022 58,000 61,000 119,000
<br /> 2023 59,000 62,000 121,000
<br /> 2024 61,000 63,000 124,000
<br /> 2025 62,000 65,000 127,000
<br /> 2026 63,000 66,000 129,000
<br /> 2027 65,000 67,000 132,000
<br /> 2028 66,000 69,000 135,000
<br /> 2029 67,000 70,000 137,000
<br /> 2030 69,000 72,000 141,000
<br /> 2031 70,000 73,000 143,000
<br /> 2032 72,000 75,000 147,000
<br /> 2033 73,000 76,000 149,000
<br /> 2034 75,000 78,000 153,000
<br /> 2035 77,000 80,000 157,000
<br /> 2036 78,000 81,000 159,000
<br /> If Bond is prepaid, the prepayments shall be allocated to the portions of debt service (and
<br /> hence allocated to the payment of Bond treated as relating to a particular portion of debt service)
<br /> as provided in this paragraph. If the source of prepayment moneys is the general fund of the
<br /> City, or other generally available source, the prepayment may be allocated to any portion of debt
<br /> service in such amounts as the City shall determine. If the source of a prepayment is excess net
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