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Zane Avenue, Boston/Concord Streets and 2003 <br />Pavement Rehabilitation Improvement Projects: <br /> <br />Net Project Costs $1,225,650 <br />Bond Discount 11,002 <br />Issuance Costs 18,061 <br />Rounding 287 <br /> <br />Net Bond Issue <br /> <br />$1,255,000 <br /> <br /> (b) That is it necessary and expedient to the sound financial management of <br />the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, <br />Chapters 429 and 475, to provide financing for the Improvements. <br /> <br /> (c) The Improvements and all their components have by requisite Council <br />vote been ordered on or prior to the date hereof, after a hearing thereon (except where not <br />required by law) for which mailed and published notice was duly given as required by <br />law describing the Improvements and all their components by general nature, estimated <br />cost, and area to be assessed. <br /> <br /> (d) The Council desires that the Bonds be issued initially in "Book Entry Only <br />Form" (as hereinafter described). <br /> <br />2. Acceptance of Offer; Book Entry_ Bonds. <br /> <br /> (a) The offer of Citigroup Global Markets, Inc, Chicago, Illinois (the <br />"Purchaser") to purchase the City's $1,255,000 General Obligation Improvement Bonds, <br />Series 2003A (the "Bonds"), at the rates of interest and upon the other terms set forth in <br />this Resolution, and to pay therefor the sum of $1,249,434.49 plus interest accrued to <br />settlement, is hereby accepted. <br /> <br /> (b) Book Entry Only System. The Depository Trust Company, a limited <br />purpose trust company organized under the laws of the State of New York, or any of its <br />successors to its functions hereunder (the "Depository"), will act as securities depository <br />for the Bonds, and to this end: <br /> <br /> (i) The Bonds shall be initially issued and, so long as they remain in <br />book entry form only (the "Book Entry Only Period"), shall at all times be in the <br />form of a separate single fully registered Bond for each maturity of the Bonds; <br />and for purposes of complying with this requirement under paragraph 11 of this <br />Resolution, authorized denominations for each maturity of Bonds shall be deemed <br />to be limited during the Book Entry Only Period to the outstanding principal <br />amount of that maturity. While in such book entry form, the Bonds are <br />sometimes hereinafter referred to as being in "Book Entry Only Form." <br /> <br /> (ii) Upon initial issuance, ownership of the Bonds shall be registered <br />in a bond register maintained by the Bond Registrar appointed pursuant to <br /> <br />1581385vl 2 <br /> <br /> <br />