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RESOLUTION NO.2023-057 A RESOLUTION AWARDING THE SALE OF $5,410,000 GENERAL OBLIGATION IMPROVEMENT AND UTILITY REVENUE BONDS, SERIES 2023A FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Lake Elmo, Washington County, Minnesota (the "City") as follows: Section 1. Background. 1.01 The City is authorized by Minnesota Statutes, Chapters 429 and Minnesota Statutes, Chapter 475, as amended (collectively, the "Improvement Act") to provide financing for various public street improvements in the City (the "Assessable Improvements"). 1.02 The City is authorized by Minnesota Statutes, Section 444.075 and Minnesota Statutes, Chapter 475, as amended (the "Utility Act"), to finance all or a portion of the cost of the construction of various sewer system improvement projects of the City (the "Sewer Improvements") by the issuance of general obligation bonds of the City payable from the net revenues of the sewer system of the City. 1.03 The City is authorized by the Utility Act, to finance all or a portion of the cost of the construction of various water system improvement projects of the City (the "Water Improvements") by the issuance of general obligation bonds of the City payable from the net revenues of the water system of the City. 1.04 The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) 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 City has retained Northland Securities, Inc. as its municipal advisor (the "Municipal Advisor"). The actions of the City staff and the City's Municipal Advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. Section 2. Sale of Bonds. 2.01 Authorization. It is hereby determined that it is necessary to provide financing for the Assessable hnprovements and the Sewer Improvements and to finance those improvements through the issuance of the City's $5,410,000 General Obligation Improvement and Utility Revenue Bonds, Series 2023A (the "Bonds"). 2.02. Award to the Purchaser and Interest Rates. The proposal of Piper Sandler & Co., Minneapolis, Minnesota (the "Purchaser") to purchase the Bonds of the City described in the official statement thereof is found and determined to be the most favorable offer received and is LA515-123-86818Tv3