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. . . 235069 (b) The 1985A Bonds which mature after February 1, 1994, are in the aggregate principal amount of $415,000 and are subject to prepayment on said date at the option of the city at the redemption price of par plus accrued interest. (c) The 1985B Bonds which mature after February 1, 1994, are in the aggregate principal amount of $65,000 and are subject to prepayment on said date at the option of the City at the redemption price of par plus accrued interest. (d) The refunding of the callable 1985A Bonds and 1985B Bonds is consistent with covenants made with the holders thereof and is necessary and desirable for and will result in the reduction of debt service cost to the city. (e) It is necessary and expedient to issue the City's General Obligation Refunding Bonds, Series 1993A (the "Bonds"), to provide moneys for a refunding of the callable 1985A Bonds and 1985B Bonds. The necessary principal amount of the Bonds is currently estimated to be $510,000, but in offering the Bonds for sale, the City will reserve the right to increase or decrease the amount of the Bonds by not more than $25,000, and accordingly the maximum principal amount of the Bonds would be $535,000. (f) The City has retained Springsted Incorporated, in saint Paul, Minnesota as its independent financial advisor for the Bonds and is therefore authorized to sell the Bonds by a competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9). (g) It is necessary and desirable to the sound financial management of the affairs of the city that the city issue the Bonds pursuant to Minnesota Statutes, section 475.67, Subdivision 13, in order to provide financing for the refundings described above, and the Council hereby states its intention to authorize and issue the Bonds accordingly. 2