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full herein, and if and to the extent that any provisions of this Resolution are inconsistent or in conflict with the provisions of the Blanket Issuer Letter of Representations, the provisions in the Blanket Issuer Letter of Representations shall control. 4. Purpose~ Refundinq Findings. The Bonds shall provide moneys for a crossover refunding of the City's Refunded Bonds. It is hereby found, determined and declared that such refunding is necessary or desirable for the reduction of debt service cost to the City and/or the adjustment of the maturities of the Prior Bonds in relation to the sources for their repayment, and will result in a reduction of debt service cost to the City. All of the proceeds, including all investment earnings thereon, of the Prior Bonds have heretofore been expended by the City for the types of uses and purposes for which the City issued said Prior Bonds. The current and anticipated balances in the separate debt service account heretofore established by the City for the payment of the principal of and interest on the Prior Bonds have been taken into account in appropriately sizing the Bonds. The present value of the dollar amount of the debt service on the Bonds is lower by at least 3% than the present value of the dollar amount of the debt service on the Refunded Bonds, as provided in Minnesota Statutes, Section 475.67, Subdivision 12. The City has observed and complied with all of its obligations and covenants made by the City in connection with the issuance of the Prior Bonds. 5. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 2000, calculated on the basis of a 360-day year consisting of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years, as follows: Maturity Interest Year Rate 2002 2003 2004 6. Redemption. The Bonds will not be subject to optional redemption and prepayment prior to their respective stated maturity dates. If any of the Bonds are subject to mandatory sinking fund redemption, to effect a partial redemption of Bonds having a com- mon maturity date, the Bond Registrar, prior to giving notice of redemption, shall assign to each Bond of that maturity a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the principal 1079939.2 7