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Bonds at the lowest net interest cost to the City, <br />computed in accordance with the Notice of Sale, (c) such <br />proposal is the best proposal received for the purchase <br />of the Bonds, (d) such proposal is in conformity with <br />such Notice of Sale and (e) such proposal should be <br />accepted. <br /> 2. There is hereby accepted the proposal of the <br />Purchaser to purchase the Bonds at a price of par <br />($30,000,000) plus a premium of $1,215.00 and accrued <br />interes5 from the date of the Bonds to the date of the <br />payment in full of the purchase price thereof, the Bonds <br />to bear interest at the interest rates set forth in <br />paragraph 3. All other proposals received as aforesaid <br />for the purchase of the Bonds are hereby rejected. <br /> <br /> 3. The Bonds shall be dated as of November 1, <br />1985; the Public Improvement Bonds shall mature serially <br />$1,005,000 principal amount of Bonds on November 1 in <br />each of the years 1986 to 2004, both inclusive, and <br />$1,055,000 principal amount of Bonds on November 1, <br />2005; the Public Utility Bonds shall mature serially <br />$495,000 principal amount of Bonds on November 1 in each <br />of the years 1986 to 2004, both inclusive, and $445,000 <br />principal amount of Bonds on November 1, 2005; and the <br />Bonds maturing in each such year shall bear interest at <br />the rate per annum set forth opposite such year as <br />follows: <br /> <br /> Interest Interest <br />Year Rate Year Rate <br /> <br />1986 9.25% 1996 8.10% <br />1987 9.25% 1997 8.20% <br />1988 9.25% 1998 8.30% <br />1989 9.254 1999 8.40% <br />1990 9.25% 2000 8.50% <br />1991 9.25% 2001 7.25% <br />1992 9.25% 2002 7.25% <br />1993 9.25% 2003 7.25% <br />1994 9.00% 2004 7.25% <br />1995 7.90% 2005 7.25% <br /> <br /> 4. Ail actions taken to date by the officers, <br />employees, agents and attorneys of the City with respect <br />to the sale of the Bonds, including the action of the <br />City Manager of the City in causing to be published the <br />Notice of Sale of the Bonds as aforesaid and the action <br />of the Director of Finance of the City in causing to be <br />distributed copies of an Official Statement of the City <br />relating to the Bonds (including the Notice of Sale of <br />the Bonds contained therein and a form of Proposal for <br />the purchase of the Bonds attached thereto) in the <br />respective forms thereof presented at and hereby ordered <br />filed with the minutes of this meeting, and the <br /> <br /> <br />