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RESOLUTION NO.2021-122 <br />RESOLUTION AWARDING THE SALE OF $21,985,000 <br />GENERAL OBLIGATION IMPROVEMENT, CIP AND <br />REFUNDING BONDS, SERIES 2021A <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br />A. WHEREAS, the Mayor announced that the next order of business was consideration <br />of the proposals which had been received for the purchase of the City's $21,985,000 General <br />Obligation Improvement, CIP and Refunding Bonds, Series 2021A (the "Bonds") <br />B. WHEREAS, the City Finance Director presented a tabulation of the proposals that <br />had been received in the manner specified in the Notice of Sale for the Bonds. The proposals were <br />as set forth in EXHIBIT A attached. <br />After due consideration of the proposals, Member then introduced. the <br />following written resolution, the reading of which was dispensed with by unanimous consent, and <br />moved its adoption: <br />BE IT RESOLVED By the City Council of the City of Lake Elmo, Washington County, <br />Minnesota (the "City") as follows: <br />Section 1. Sale of Bonds. <br />1.01. Background; Findings. It is determined that: <br />(a) Certain assessable public street improvements in the City (the "Improvement <br />Project"), will be made, duly ordered, or contracts let for the construction thereof, pursuant to <br />Minnesota Statutes, Chapters 429, and 475, as amended (collectively, the "Improvement Act"); <br />(b) Pursuant to Minnesota Statutes, Chapter 469.001 to 469.047 and 469.090 to 469.1082, <br />Chapters 471 and 475, as amended (collectively, the "Lease Revenue Financing Act"), the City <br />previously entered into a Lease -Purchase Agreement, dated as of June 1, 2018 (the "Lease"), by <br />and between the City, as lessee, and the EDA, as lessor of the City Hall (the "City Hall"). Pursuant <br />to a Trust Indenture, dated as of June 1, 2018 (the "Indenture"), by and between the EDA and U.S. <br />Bank National Association, St. Paul, Minnesota, as trustee (the "Trustee"), the EDA issued its <br />Taxable Public Project Lease Revenue and Limited Tax Bonds, Series 2018A (City of Lake Elmo, <br />Minnesota Lease Obligation) secured in part by the lease payments under the Lease (the "2018A <br />Bonds"), the proceeds of which were used to acquire the Real Property. The City has determined <br />to exercise its option to purchase the City Hall and terminate the Lease Purchase Agreement by <br />refunding the Series 2018A Bonds, which are currently outstanding in the principal amount of <br />$834,000; <br />LA515-85-748617.d2 <br />