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<br />. <br /> <br />2.3) The City has received an offer to purchase the Bonds <br />from the Bank of Elk River located in the City at a price equal <br />to the par value of the Bonds (Two Hundred Ninety Nine Thousand <br />Nine Hundred Dollars ($299,900) and upon the further terms and <br />conditions hereinafter set forth. <br /> <br />2.4) The sale of the Bonds is hereby awarded to the Bank <br />of Elk River. <br /> <br />Section 3. Bond Terms, Execution and Delivery. <br /> <br />3.1) The Bonds shall be designated General obligation Tax <br />Increment (Taxable) Bonds, Series 1988A, shall be dated as of <br />September 1, 1988, and shall bear interest from the date on <br />which funds are advanced until paid, calculated from time to <br />time upon the amount of the unpaid principal balance, at a rate <br />of ten and three-quarters percent (10 3/4%) per annum. A <br />single Bond shall be issued in the denomination of Two Hundred <br />Ninety Nine Thousand Nine Hundred Dollars ($299,900) providing <br />for installments of principal becoming payable annually on <br />October 1 in each year, commencing October 1, 1990, such <br />installments to be paid at the times, and in the amounts stated <br />below: <br /> <br /> Date Amount <br /> October 1, 1990 $ 3,000 <br />. October 1, 1991 40,000 <br />October 1, 1992 45,000 <br /> October 1, 1993 45,000 <br /> October 1, 1994 45,000 <br /> October 1, 1995 45,000 <br /> October 1, 1996 40,000 <br /> October 1, 1997 36,900 <br /> <br />Accrued interest on the Bonds shall be payable semi-annually on <br />April 1 and October 1 in each year, commencing April 1, 1989. <br />The principal of and interest on the Bonds shall be payable to <br />the Bank of Elk River, at its offices in Elk River, Minnesota, <br />or, as may otherwise be directed by written instruction from <br />time to time provided by the holder of the Bond. <br /> <br />3.2) The principal installments are subject to prepayment <br />at the option of the City, in whole or in part, and if in part <br />in inverse order of due dates. The City shall notify the <br />holder of the Bonds of the intention to make a prepayment at <br />least thirty (30) days prior to the date chosen for prepayment. <br /> <br />3.3) The Bonds shall be in substantially the form attached <br />hereto as Exhibit B and incorporated herein as reference. <br /> <br />. <br /> <br />3.4) The Bonds shall be prepared under the direction of <br />the City Administrator and shall be executed on behalf of the <br /> <br />2. <br />