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<br />e <br /> <br />e <br /> <br />e <br /> <br />(c) The City is authorized pursuant to Minnesota <br />Statutes, Section 475.60, Subdivision 2(2), to <br />negotiate the sale of the Certificate without <br />public notice and sale because the $83,500 <br />principal amount of the Certificate, when combined <br />wi th any amounts of other obligations which the <br />City has negotiated and sold without public sale <br />pursuant to said Subdivision within the last 12 <br />months, does not exceed $1,200,000. <br /> <br />2. The offer of Bank of Elk River, in Elk River, Minnesota <br />(the "Purchaser"), to purchase the Certificate is hereby accepted, <br />such offer being to purchase the certificate at a price of $83,500 <br />par, the Certificate to be subject to the terms and conditions <br />herein provided. <br /> <br />3. The City shall forthwith issue and sell its $83,500 <br />General Obligation Equipment Certificate of 1994. The certificate <br />shall be dated November 1, 1994, shall be a single, fUlly <br />registered obligation without interest coupons, shall bear interest <br />payable on February 1, 1995, and semiannually thereafter on each <br />August 1 and February 1, and.shall mature and bear interest as <br />provided in the form of the certificate set out in paragraph 5 of <br />this Resolution. <br /> <br />The Certificate shall be subject to redemption in whole or in <br />part at the option of the City at any time, in inverse order of the <br />principal maturities thereof, upon prior written notice to the <br />Registered Owner thereof, at par plus accrued interest to date of <br />redemption. Interest on the Certificate shall be calculated on the <br />basis of a 360-day year consisting of 12 months of 30 days each. <br /> <br />4. Both principal of and interest on the Certificate shall <br />be payable by the City Finance Director, who shall also act as <br />registrar and transfer agent (the "Certificate Registrar") for the <br />Certificate. <br /> <br />5. <br />form: <br /> <br />The Certificate shall be substantially the following <br /> <br />274037.1 <br /> <br />2 <br />