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