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(c) The City is authorized by Minnesota Statutes, Section 475.521 (the "CIP Act") to
<br />finance certain capital improvements under an approved capital improvement plan by the issuance
<br />of General Obligation Improvement, CIP and Refunding Bonds of the City payable from ad
<br />valorem taxes. Capital improvements include acquisition or betterment of public lands, buildings
<br />or other improvements for the purpose of a city hall, public safety facility and public works
<br />facilities;
<br />(d) On June 15, 2021, the City held a public hearing regarding (i) the adoption of a 5-
<br />year capital improvement plan for the City prepared in compliance with, Minnesota Statutes,
<br />Section 475.521 (the "CIP Plan"); and (ii) the issuance of general obligation capital improvement
<br />plan bonds (the "CIP Bonds") in the maximum amount of $15,000,000, to finance a portion of the
<br />capital improvements set forth in the Plan including without limitation capital improvements
<br />related to the acquisition, construction and equipping of a new City Hall, fire station, law
<br />enforcement facility and public works addition (the "CIP Project");
<br />(e) The City Council has determined that, within 30 days after the public hearing, no
<br />petition for a referendum on issuance of bonds pursuant to the CIP Plan was received by the City
<br />in accordance with the CIP Act;
<br />(f) As required by the CIP Act, the City has determined that: (i) the expected useful
<br />life of the project financed with the CIP Bonds will be at least five years; and (ii) the maximum
<br />amount of principal and interest due in any year on all outstanding bonds issued by the City under
<br />the CIP Act, including the CIP Bonds, will not exceed 0.16 percent of the taxable market value of
<br />property in the City for taxes payable in 2021;
<br />(g) The City is authorized by Minnesota Statutes, Section 444.075 and Minnesota
<br />Statutes, Chapter 475, as amended, (collectively, the "Utility Act") and Minnesota Statutes, Section
<br />115.46 to finance all or a portion of the cost of certain sewage disposal system improvements of
<br />the City (the "Sewer Improvements") by the issuance of general obligation bonds of the City
<br />payable from the net revenues of the sewer system of the City;
<br />(h) Pursuant to Minnesota Statutes, Chapters 429, 444 and 475, as amended, the City
<br />issued its General Obligation Bonds, Series 2013A, dated October 1, 2013, in the original aggregate
<br />principal amount of $5,615,000 (the "2013A Bonds"), of which $2,370,000 in principal amount,
<br />maturing July 15, 2023 through July 15, 2033, both inclusive, designated as the Utility Bonds portion
<br />thereof is callable on December 7, 2021 (the "2013A Refunded Bonds"). The Improvement Bonds
<br />portion of the 2013A Bonds is callable on December 7, 2021 and will be paid from cash on hand.
<br />Proceeds of the 2013A Bonds were used to finance the construction of various sewer and water system
<br />improvements (the "Utility Improvements");
<br />(i) The City is authorized by the provisions of Minnesota Statutes, Chapter 475 (the
<br />"Municipal Debt Act"), and specifically Section 475.67, Subdivisions 3 through 12 of the Municipal
<br />Debt Act, to issue and sell its general obligation bonds to refund outstanding bonds when determined
<br />by the City Council to be necessary and desirable for the reduction of debt service or interest cost and
<br />the adjustment of maturities of outstanding financing instruments;
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