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RESOLUTION NO.2024-084 <br />A RESOLUTION AWARDING THE SALE OF <br />$4,665,000 GENERAL OBLIGATION <br />IMPROVEMENT AND WATER REVENUE BONDS, SERIES 2024A <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <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. Background. <br />1.01 The City is authorized by Minnesota Statutes, Chapters 429 and Minnesota <br />Statutes, Chapter 475, as amended (collectively, the "Improvement Act") to provide financing for <br />various public street improvements in the City (the "Assessable Improvements"). <br />1.02 The City is authorized by Minnesota Statutes, Section 444.075 and Minnesota <br />Statutes, Chapter 475, as amended (the "Utility Act"), to finance all or a portion of the cost of the <br />construction of various water system improvement projects of the City (the "Water <br />Improvements") by the issuance of general obligation bonds of the City payable from the net <br />revenues of the water system of the City. <br />1.03 The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to <br />negotiate the sale of the Bonds if the City has retained an independent municipal advisor in <br />connection with such sale. The City has retained Northland Securities, Inc. as its municipal advisor <br />(the "Municipal Advisor"). The actions of the City staff and the City's Municipal Advisor in <br />negotiating the sale of the Bonds are ratified and confirmed in all aspects. <br />Section 2. Sale of Bonds. <br />2.01 Authorization. It is hereby determined that it is necessary to provide financing for <br />the Assessable Improvements and the Water Improvements and to finance those improvements <br />through the issuance of the City's $4,665,000 General Obligation Improvement and Water <br />Revenue Bonds, Series 2024A (the "Bonds"). <br />2.02. Award to the Purchaser and Interest Rates. The proposal of Robert W. Baird & <br />Co., Incorporated in Milwaukee, Wisconsin (the "Purchaser") to purchase the Bonds of the City <br />described in the official statement thereof is found and determined to be the most favorable offer <br />received and is hereby accepted, the proposal being to purchase the Bonds at a price of <br />$5,005,777.05 (par amount of $4,665,000, plus a premium of $379,153.60 less underwriter's <br />discount of $38,376.55), for Bonds bearing interest as follows: <br />LA515-142-950087.v2 <br />