06-23-25 - City Council Agenda - Laserfiche WebLink

Home Search

EXHIBIT A PURCHASE AGREEMENT PROPOSALFORM The C its C ouard June 23, 2025 Cth of Lasso Laces, hfmaesota (the "Ctrs'") RE S8 6d5,000• General Obligation Bonds, Senn 2025A (the'Boads") DATED Jdv la, 2025 For aLor none of the abcn a Bonds m tic cordin_e with the Terms of proposal and tams of the Global Boot-Fnn- System tunless otherwise specified by the Purchase:. is s:a:ed in:sis Official Statement we will pay you S 9.159.999 60 (not less tban SS 5 610' 0) phis accrued taterest to dear of delnery for fulh registered Bonds bean erg rmerest rates and maturing in the stated years as foliowti 500 •. doe 2027 500 '. due 2032 {00 . due 2037 5 00 Go dye 2029 500 •. due 2033 400 •. due :038 500 ere doe 2019 500 •. due 2034 {00 •. due 2039 5010 •. doe 2030 500 .s dye 2035 400 •. due :O40 500 •. due 2031 500 %daa 2036 {00 •. due 2041 The C try resenes the right to increase or decrease the principal amount of the Binds on the din- of sale. in iacremenn of S`.00o each Increases or decreases may be trade in am• manmry If env principal amounts are a4utsted the pu rchaw price proposed will be adjusted to main— the sane gross spread per $1.000 The rate for any mstenry may not be more than 10040 less tban the rate for my precedng ma—z— (For example, t(a rase e(J50% is proposed for the 202' matautm. then the lowest rate that mav be proposed for ai v later matarity is 2.50% )Bonds of the same tnarsmty nmst bear interest tom date of issue unal paid at a single uniform rate Each me tins: be ea:prtsssed in an mtegnl multiple of 5 100 or1 8 of 1•. A good faith depo -.it ( "Deposit") in the amount of S 1'3300 AA be shade by the winning bdder by ware transfer of fads- Suc► Deposer :ha0 be To<ened by Ehkrs w later than two boars after the proposal opessm6 tale Rwo transfer tastnctions wdlll be provided to the wining bidder bs Ehlers after the tabulation of proposal The C in reserves the right to sward the Bonds to a wrmm-g bidder whose wire tram fc :s ==red btu no: rec erred by such time presided that sttch waving bidders federal wire reference tsmmber has been recened by such rime In the even: the Deposit is not recened as provided above. the C in may sward the Bonds w the budder subtmmng the ten best proposal provided stxh bidder agrees to si ch sward The Depositwill be retained ty the City as liquidated damages d the proposal 1s arc opted andthe Purchaser fails to county therewith We agree to the conditions and duties of Ehkn and Associates. Inc. as escrow bolder of the Deposit. purntaw to the Terms of Proposal The Deposit will be deducted tom the purchase price at the closing for the Bonds This proposal is for prompt acceptance and is conditional upon delnery of said Bonds to The Depository Trust Cotrtpnny New York. New rots. in accordance with tbe Terms of Proposal Delnery is atmcipated to be on or about July 11, 2025 This proposal is subject to the Cit s agreement to ever mho a written underrating to poside coon— disclosure under Raffle 15c:-12 prosmtlpted by the Securities and Exchange Commusswu under the Sectmttes Exchange Act of 1934 as described in the Preliminary Official Statement for the Bonds We base .eceryed and reviewed the Official Statement and any addenda thereto, and hi se sabrmtted our requests for additional information arcorrections to the Final Official Statement As Underwriter (Syndicate :`tanager). we agree to pros•ide the City with the reoffering price of the Bonds within :i horns of the proposal acceptance This proposal is a firm offer for the purchase of the Bonds identified in the Tans of Proposal. on the terms set forth in this proposal form and :he Terms of proposal and is not subject to air conditions. except as permitted by the Terms of Proposal By submitting thus proposal we c oufum that we are anunderwriter and hate an esrablisbed industry repuaanon for umdemmW new issuances of ®micipal bonds YES \ NO If the compeam a sale requirements arenot met we elect to use eitherthe _101. test. or the _bold-theoffermg-price rule :o determine the issue price of the Bonds / Arrant ]famar piper Safer x C o By DaA.a, Accoutir Members Alone Award wdl be as a rawer interest rest basrs- According to our computations (the correct cotnpimtion being controlling in the award). the total dollar usterest cost (including any' discount or less any premnun) cocpated ftom July 13. _025 of the above proposal is S 3.047683 18 and the true murest cost (TIC) is : 680910 •. The foregoing offer is hereby accepted by and on behalf of the Cir Council of the City of Lmo Later. M uniesori on June 23. `0_5 By By Title Title Subsequent to bad opening the issue size was deciessed to 58.000.000 Adjusted Pnce $8 418.270 98 Adjusted Net Invest Cost S2.895,130.55 Adtusted TIC 3 6885•0 Page 50 of 142