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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; Refunding Findinqs. The Bonds shall provide moneys for a current 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 uses and purposes for which the City issued said Prior Bonds. The balance in the debt service account heretofore established by the City for the payment of the principal of and interest on the Prior Bonds has been taken into account in appropriately sizing the Bonds, and some monies therein (including special assessments) are expected to be combined as of February 1, 2001, to the extent necessary, with the available proceeds of the Bonds in order to obtain a sum sufficient to accomplish the refunding and to pay the regularly scheduled debt service due on the Prior Bonds on said date; otherwise, the current and anticipated balances in said debt service account do not exceed and are not expected to exceed the aggregate amount of regularly scheduled debt service on the Prior Bonds which is payable on or before February 1, 2001, except only insofar as may be necessary to provide sufficient funds, together with the other monies available for such purposes, to provide for the payment of the debt service first coming due on the Bonds. 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, 2001, 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 Maturity Interest Year Rate Year Rate 2002 % 2005 2003 2006 2004 2007 2008 6. Redemption. Ail Bonds maturing after February 1, 2005, shall be subject to redemption and prepayment at the option of the City on said date and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part 1218477.1 7