2. EDSR 10-15-2007 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority for the City of Elk River, Minnesota, as follows: 1. Acceptance of Offer. The offer of (the "Purchaser"), to purchase the Bonds in accordance with the terms of proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable offer received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The Executive Director is directed to retain the deposit of the Purchaser and to forthwith return to the bidders any good faith checks or drafts. 2. (a) Terms of Bonds• Original Issue Date• Denominations; Maturities; Term Bond Options. The Bonds shall be dated November 8, 2007, as the date of original issue, shall be issued forthwith on or after such date in fully registered form, shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity and shall mature on February 1 in the years and amounts as follows: Year Amount Year Amount 2016 $ 2025 $ 2017 2026 2018 2027 2019 2028 2020 2029 2021 2030 2022 2031 2023 2032 2024 2033 For the purpose of complying with Minnesota Statutes, Sections 469.102 and 475.54, subdivision 1, the maturity schedule for the Bonds has been combined with the maturity schedule of the [title of issue] as permitted by Minnesota Statutes, Section 475.54, subdivision 2. As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). (b) Book Entr~Only S sy tem. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder (the "Depository") will act as securities depository for the Bonds, and to this end: (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of 2084694v1 2