06.04 - Resolution for Sale of Bonds

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r NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot Lakes, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of Miller Johnson Steichen Kinnard, Inc., in Minneapolis, Minnesota, (the "Purchaser"), to purchase the Bonds in accordance with the terms and at the rates of interest hereinafter set forth, and to pay therefor the sum of$335,920.00 plus interest accrued to settlement, is hereby accepted. 2. Terms of Bonds. (a) Original Issue Date; Denominations, Redemption and Interest Rates. The Bonds shall be dated October 27, 2004, as the date of original issue, shall be issued forthwith on or after such date in fully registered form and shall bear interest payable semiannually on February 1 and August 1 of each year(each, an "Interest Payment Date"), commencing August 1, 2005, calculated on the basis of a 360-day year of twelve 30-day months. The Bonds 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 Bonds shall bear interest and shall mature or be subject to optional or mandatory redemption on February 1 in the years and amounts as follows: Year Amount Interest Rate 2006 $ 25,000 2.10% 2007 30,000 2.40 2008 30,000 3.00 2009 30,000 3.25 2010 30,000 3.50 2013 110,000 4.00 2014 40,000 4.125 2015 45,000 4.25 (b) Mandatory Redemption. Bonds maturing on February 1, 2013 (the "Term Bonds") shall be redeemed by lot on February 1 in the following years and principal amounts, at their principal amount, without any premium,plus accrued interest thereon to such redemption date (after any credits are made as provided below): Mandatory Redemption Schedule February 1 2013 Term Bond(inclusive) Year Principal Amount 2011 $35,000 2012 35,000 2013 (maturity) 40,000 or, if less than such amount is then outstanding, an amount equal to the aggregate principal amount of the Bonds then outstanding. 1693357v1 2