26-37 - Resolution - GO Bonds 2026A Issuance

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1.02. Utility Revenue Bonds. (a) The City engineer has recommended the construction of various improvements to the City's water and sewer system (the "Utility Improvements") as part of the Project. (b) It is necessary and expedient to the sound financial management of the affairs of the City for the City to issue general obligation bonds in the approximate principal amount of $3,485,000 (the "Utility Revenue Bonds"), pursuant to Minnesota Statutes, Chapters 444 and 475, as amended (collectively, the "Utility Revenue Act"), to provide financingforthe Utility Improvements. 1.03. Issuance of Bonds. (a) The City Council finds it necessary and expedient to the sound financial management of the affairs of the City to issue its General Obligation Bonds, Series 2026A (the "Bonds"), in the proposed aggregate principal amount of $8,355,000, pursuant to the Abatement Act and the Utility Revenue Act (collectively, the "Act"), to provide financing for the Abatement Project and the Utility Improvements. (b) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate the sale of the Bonds, it being determined that the City has retained an independent municipal advisor in connection with such sale. The actions of the City staff and municipal advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. Section2. Sale of Bonds. To providefundsto finance the Abatement Project and the Utility Improvements, the City will issue and sell the Bonds in the proposed aggregate principal amount of $8,355,000. The principal amount of the Bonds is subject to adjustment in accordance with the official Terms of Proposal to be prepared in connection with the offering and the sale of the Bonds. Section 3. Authority of Municipal Advisor. Ehlers and Associates, Inc. (the "Municipal Advisor") is authorized and directed to negotiate the sale of the Bonds. The City Council will meet on Monday, April 27, 2026, or another date selected by City staff, to consider proposals on the Bonds and take any other appropriate action with respect to the Bonds. Section 4. Authority of Bond Counsel. The law firm of Kutak Rock LLP, as bond counsel to the City ("Bond Counsel"), is authorized to act as bond counsel and to assist in the preparation and review of necessary documents, certificates and instruments relatingto the Bonds. The officers, employees and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents, certificates, and instruments. Section 5. Covenants. In the resolution awardingthe sale of the Bonds, the City Council will set forth the covenants and undertakings required bythe Act. Section 6. Official Statement. In connection with the sale of the Bonds, the officers or employees of the City are authorized and directed to cooperate with the Municipal Advisor and 2 4937-5169-0646.1