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<br /> <br />2 . <br /> <br /> <br />. <br /> <br />1.03 It is necessary and desirable to the sound financial <br />management of the City that the City issue and sell its General <br />Obligation Temporary Improvement Bonds, Series 1992C (the <br />Bonds) to finance the costs of the Project. <br /> <br />Section 2. Sale of Bonds. <br /> <br />2.01 In anticipation of the issuance of improvement bonds, <br />the City shall issue and sell the Bonds pursuant to <br />Section 429.091, Subdivision 5, and Chapter 475 of Minnesota <br />Statutes, to pay any part of all of the cost of the Project. <br />The authorized principal amount of the Bonds shall be Five <br />Hundred Sixty Thousand Dollars ($560,000). The Bonds shall be <br />issued and sold in accordance with the Terms of Proposal, a <br />copy of which, marked Exhibit A, is attached hereto and made a <br />part hereof. <br /> <br />2.02 The Bonds shall mature within not more than three <br />years from their date of issue. To the extent that the <br />principal of and interest on the Bonds cannot be paid when due <br />from receipts of special assessments, taxes, or other funds <br />appropriated for the purpose, the Bonds shall be paid from the <br />proceeds of improvement bonds or additional temporary <br />improvement bonds which the City Council shall offer for sale <br />in advance of the maturity of the Bonds, but the indebtedness <br />funded by the issuance of the Bonds shall not be extended by <br />the issuance of additional temporary improvement bonds for more <br />. than six years from the date of issue of the Bonds. <br /> <br />2.03 Springsted is authorized and directed to negotiate on <br />behalf of the City with potential purchasers of the Bonds for <br />the purchase of the Bonds in accordance with the Terms of <br />Proposal. Proposals for the purchase of the Bonds will be <br />received by the City Administrator or his designee on Monday, <br />August 3, 1992, until 11:30 a.m., Central Time, at the offices <br />of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, <br />Saint Paul, Minnesota, after which time they will be opened and <br />tabulated. Consideration for award of the Bonds will be by the <br />City Council at 7:00 p.m., Central Time, of the same day. <br /> <br />. <br />