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4.13. Debt Service Coverage. It is hereby determined that the estimated collection of the foregoing Taxes, Net Revenues and Assessments will produce at least 5% in excess of the amount needed to pay when due, the principal and interest payments on the Bonds. 4.14. Refunding, Findings; Redemption of 2013A Refunded Bonds. (a) Reduction of Debt Service Cost. The outstanding 2013A Refunded Bonds will be called for redemption on December 7, 2021 in the amount of $2,370,000, the outstanding Improvement Bonds portion of the 2013A Bonds will be redeemed on December 7, 2021 with cash on hand. The outstanding 2018A Bonds will be called for redemption on December 20, 2021 in the amount of $834,000. (b) Coverage on the Refunded Bonds. It is hereby found and determined that the proceeds of the Utility Bonds, along with funds on hand at the City, will be sufficient to pay at maturity or redemption all of the principal of and accrued interest on the 2013A Refunded Bonds. It is hereby found and determined that the proceeds of the CIP Bonds, along with funds on hand at the City, will be sufficient to pay at maturity or redemption all of the principal of and accrued interest on the 2018A Bonds. (c) Notice of Call for Redemption. (i) The 2013A Bonds maturing on July 15, 2022 and thereafter will be redeemed and prepaid on December 7, 2021 in accordance with their terms and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached hereto as EXHIBIT E, which terms and conditions are hereby approved and incorporated herein by reference. The registrar for the 2013A Bonds is authorized and directed to send a copy of the Notice of Call for Redemption to the registered holders of the 2013A Bonds. (ii) The City hereby authorizes the City Finance Director to deliver to the EDA notice of the City's intent to exercise its option to purchase the City Hall Facility and terminate the Lease. The 2018A Refunded Bonds maturing on January 15, 2022 and thereafter will be redeemed and prepaid on December 20, 2021 in accordance with their terms. The City authorizes and directs the EDA to call for the redemption of the outstanding 2018A Bonds in accordance with this Resolution and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached as EXHIBIT A to the Resolution 2021-001 of the Board of Commissioners of the Economic Development Authority of the City of Lake Elmo, Minnesota (the "EDA") adopted September 30, 2021 which terms and conditions are hereby approved and incorporated herein by reference. The Registrar for the 2018A Refunded Bonds is authorized and directed to send a copy of the Notice of Redemption to each registered holder of the outstanding 2018A Bonds. Section 5. Authentication of Transcript. 5.01. City Proceedings and Records. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds, and such instruments, including any heretofore furnished, will be deemed representations of the City as to the facts stated therein. LA515-85-748617.v2 14