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<br />MUNICIPAL ADVISORY SERVICE AGREEMENT <br />BY AND BETWEEN <br />THE CITY OF LAKE ELMO, MINNESOTA <br />AND <br />NORTHLAND SECURITIES, INC. <br /> <br />This Agreement is made and entered into by and between the City of Lake Elmo, Minnesota <br />(hereinafter "Client") and Northland Securities, Inc., of Minneapolis, Minnesota (hereinafter <br />"Northland"). <br /> <br />WITNESSETH <br />WHEREAS, the Client desires to have Northland provide it with advice on the structure, terms, timing <br />and other matters related to the issuance of the General Obligation Improvement Bonds, Series 2025A <br />(the “Debt”) serving in the role of municipal (financial) advisor, and <br />WHEREAS, Northland is a registered municipal advisor with both the Securities and Exchange <br />Commission (“SEC”) and the Municipal Securities Rulemaking Board (“MSRB”) (registration # 866- <br />00082-00), and <br />WHEREAS, Northland will act as municipal advisor in accordance with the duties and responsibilities <br />of Rule G-42 of the MSRB, and <br />WHEREAS, the MSRB provides a municipal advisory client brochure on its website (www.msrb.org) <br />that describes the protections that may be provided by the MSRB rules, including professional <br />competency, fair dealing, duty of loyalty, remedies for disputes and how to file a complaint with an <br />appropriate regulatory authority, and <br />WHEREAS, the Client and Northland are entering into this Agreement to define the municipal <br />advisory relationship at the earliest opportunity related to the inception of the municipal advisory <br />relationship for the Debt, and <br />WHEREAS, Northland desires to furnish services to the Client as hereinafter described, <br />NOW, THEREFORE, it is agreed by and between the parties as follows: <br /> <br />SERVICES TO BE PROVIDED BY NORTHLAND <br />Northland shall provide the Client with services necessary to analyze, structure, offer for sale and close <br />the Debt. The services will be tailored to meet the needs of this engagement and may include: <br />Planning and Development <br />1. Assist Client officials to define the scope and the objectives for the Debt. <br />2. Investigate and consider reasonably feasible financing alternatives. <br />3. Assist the Client in understanding the material risks, potential benefits, structure and other <br />characteristics of the recommended plan for the Debt, including issue structure, estimated debt