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2.07. Receipt and Acceptance of Proposals. Proposals have been received by the <br /> Commission Finance and Office Manager, or designee, at the offices of Springsted on the date <br /> hereof pursuant to the Terms of Proposal established for the Bonds and are set forth in Exhibit A. <br /> The proposal of (the "Purchaser"), to purchase the <br /> Bonds in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and <br /> to pay therefor the sum of$ ,plus interest accrued to settlement, is hereby found, <br /> determined and declared to be the most favorable proposal received and is hereby accepted and <br /> the Bonds are hereby awarded to the Purchaser. The Finance and Office Manager is directed to <br /> retain the deposit of the Purchaser and to return to the unsuccessful bidders any good faith <br /> checks or drafts. <br /> 2.08. Performance of Requirements. All acts, conditions and things which are required <br /> by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be <br /> performed precedent to and in the valid issuance of the Series 2014A Bonds having been done, <br /> existing, having happened and having been performed, it is now necessary to establish the form <br /> and terms of the Series 2014A Bonds, to provide security therefor and to issue the Series 2014A <br /> Bonds forthwith. <br /> Section 3. Security for Series 2014A Bonds. <br /> 3.01. Pledge of Net Revenues. From and after their issuance, the principal of and <br /> interest on the Series 2014A Bonds, as set forth in Section 5, shall be payable solely from and <br /> constitute a parity lien and charge on the respective subaccounts of the Electric Fund, including <br /> but not limited to the Debt Service Account, the Reserve Account, and the Net Revenues of the <br /> Electric System. <br /> 3.02. Reserve Account Requirement. Upon issuance of the Series 2014A Bonds, the <br /> Commission shall deposit, from available funds on hand, in the Reserve Account $ , so <br /> that the balance in the Reserve Account shall be not less than the applicable Reserve <br /> Requirement. <br /> 3.03. Not General Obligations. The Series 2014A Bonds are not general obligations of <br /> the City or the Commission and the full faith and credit and taxing powers of the City are not <br /> pledged for their payment. <br /> Section 4. Form of Series 2014A Bonds. <br /> 4.01. Series 2014A Bond Form. The Series 2014A Bonds shall be prepared in <br /> substantially the following form: <br /> 6 <br /> 43808Iv3 JSB EL185-25 <br />