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<br />February 1, 1992 <br />February 1, 1993 <br /> <br />$22,000 <br />$22,000 <br /> <br /> <br />e <br /> <br />equipment has an expected useful life of five years (the <br />"Five Year Equipment"); <br /> <br />(v) The portion of the issuance costs of the <br />Certificates allocable to the cost of the Five Year <br />Equipment is $300.00; <br /> <br />(vi) It is proposed that the maturity date of a portion <br />of the Certificates aggregating $66,000.00 will be <br />February 1, 1996, a date prior to the expiration of the <br />expected useful life of the Five Year Equipment. <br /> <br />1.4) The City has received an offer to purchase the <br />Certificates from the Bank of Elk River located in the City <br />(the Offeror) at a price equal to the par value of the <br />Certificates (One Hundred Ten Thousand Dollars ($110,000) and <br />upon the further terms and conditions hereinafter set forth. <br /> <br />1.5 The sale of the Certificates is hereby awarded to <br />the Offeror. <br /> <br />Section 2. <br /> <br />~_~:r~i f i G.!;\-.t~'[e ~[I1LJA~_~!J_tiQ1}__qJl<<;LP.~~_1j..Y_~_J:::Y . <br /> <br />e <br /> <br />2.1) The Certificates shall be designated 1991 General <br />Obligation Equipment Certificates, shall be dated as of June 1, <br />1991, and shall bear interest from the date on which funds are <br />advanced until paid, calculated from time to time upon the <br />amount of the unpaid principal balance, at a rate of six and <br />one quarter percent (6.25%) per annum. Two Certificntes shall <br />be issued; one in the denomination of $44,000.00, providing for <br />installments of principal becoming payable at the times and in <br />the amounts stated below: <br /> <br />DATE <br /> <br />AMOUl'IT <br /> <br />The second Certificate shall. be issued in the denomination of <br />$66,000.00 and provide for installments of principal becoming <br />payable at the times and in the amounts stated below: <br /> <br />DAJ'E. M1Q1JNT <br />February 1, 1994 $22,000 <br />February 1, 1995 $22,000 <br />February 1, 1996 $22,000 <br /> <br />e <br /> <br />Accrued interest on the Certificates shall be payable <br />semi-annually on February 1 and August 1 in each year, <br />commencing February 1, 1992. The principal of and interest on <br />the Certificates shall be payable to the Offeror at its offices <br />at Elk River, Minnesota, or, as may otherwise be directed by <br />