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<br /> <br />. <br /> <br />. <br /> <br />. <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 $109,500 <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 wi thin 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 $109,500 <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 $109,500 <br />General Obligation Equipment Certificate of 1993. The Certificate <br />shall be dated as of the date of delivery thereof to the Purchaser, <br />which shall be September 1, 1993, or as soon thereafter as <br />settlement can be arranged with the Purchaser, shall be a single, <br />fully registered obligation without interest coupons, shall bear <br />interest payable on February 1, 1994, and semiannually thereafter <br />on each August 1 and February 1, and shall mature and bear interest <br />as provided in the form of the certificate set out in paragraph 5 <br />of 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 />245850 <br /> <br />2 <br />