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CITY OF LAKE ELMO, MINNESOTA RESOLUTION NO. 2001-083 AUTHORIZING .. ! AWARDING SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR 1, " . �, ji, OBLIGATION !; AND IMPR f. VEMENT 1 SERIES Ik BE IT RESOLVED BY THE CITY COUNCIL (THE "COUNCIL ") OF THE CITY OF LAKE ELMO, MINNESOTA (THE "ISSUER ") AS FOLLOWS: Section 1. Award of Sale; Terms of Bonds. 1.01 The Issuer intends to issue its $1,080,000 General Obligation State -Aid and Improvement Bonds, Series 2001 (the `Bonds ") for the purpose of financing the acquisition and construction of local street improvements (the "Improvements "), and providing long -term financing for the Improvements, in accordance with Minnesota Statutes, Chapters 162, 429 and 475. $850,000 of principal amount of the Bonds are hereby designated as "State -Aid Bonds," issued pursuant to Minnesota Statutes, Chapter 162, and $230,000 of principal amount of the Bonds are hereby designated as "Improvement Bonds," issued pursuant to Minnesota Statutes, Chapter 429, 1.02 In accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9), the Issuer has retained an independent financial advisor and has determined to sell the Bonds in a private negotiated sale and without advertisement for bids. 1.03 The Issuer hereby accepts the offer of Juran & Moody, a division of Miller Johnson Steichen Kinnard, Inc. (the "Purchaser "), to purchase the Bonds in accordance with the terms of this Resolution at a price of $1,059,210 plus accrued interest to the date of delivery, the Bonds to bear interest at the rate per annum as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 2003 2.75% 2011 4.40% 2004 3.00 2012 4.50 2005 3.15 2013 4.65 2006 3.35 2014 4.80 2007 3.65 2017 4.90 2008 3.90 2009 4.10 2010 4.25