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. . . # council warded the sale of the City's $130,000 General Obligation Tax Increment Bonds, Series 1985B (the Series 1985B Bonds), prescribed the form and details of the Series 1985B Bonds and provided for their payment. 1.02 Springsted Incorporated (Springsted), fiscal consultants to the City, has advised that the interest rates payable with respect to the Series 1985A Bonds and the Series 1985B Bonds can be substantially reduced by the purchase of municipal bond guaranty insurance from the Municipal Bond Insurance Association (MBIA) and by seeking a rating with respect to the bonds from Moody's Investment Service, Inc. (Moody's). 1.03 The Series 1985A Bonds and the Series 1985B Bonds are to be issued under the provisions of ChaptBr 475 of the Minnesota Statutes. Section 475.54, Subd. 1 of the Minnesota Statutes imposes certain requirements regarding the serial maturity of a bond issue. Under the provisions of Section 475.54, Subd. 2 of the Minnesota Statutes, however, authorization is given for the governing body of an issuer of bonds to specify that the serial maturities with respect to one or more additional bonds issues may be taken into account in determining whether such serial maturities requirements are met. Section 2. Authorization for Bond Insurance and Ratinq. Pursuant to the recommendation of Springsted, the City shall make application for and purchase municipal bond guaranty insurance trom MBlA with respect to the Series 1985A Bonds and the Series 1985B Bonds, and the City shall seek a rating with respect to such Bonds from Moody's. The City Administrator and the Mayor, or either of them, are hereby authorized to make application on behalf of the City for such insurance and ratings and to execute all applications, agreements, or other instruments deemed advisable by either of them in order to obtain such insurance and ratings. Section 3. provision for Serial Maturities. Pursuant to the provisions of Section 475.54, Subd. 2 of the Minnesota Statutes, it is hereby determined that the serial maturities, as authorized by Resolution Nos. 85-39 and 89-40 adopted by this Council on August 12, 1985, with respect to the terms of payment of the Series 1985A Bonds and the Series 1985B Bonds shall be combined for purposes of determining compliance with the serial maturities requirements of Section 475.541 Subd. 1 of the Minnesota Statutes~ ",#~'>..~.-7 '~'~7 ;di" , /" # ..../. .//'1 /.'. / - '/'."', . ,.. / rLJ" (',;;;,:- .. / {L,' ..~,./. .' V ,.~~~~.~-- 2.