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RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $4,090,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2004A BE IT RESOLVED by the City Council, City of Lake Elmo, Minnesota (the City), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.1. Authorization. This Council hereby determines that it is in the best interests of the City to issue its General Obligation Capital Improvement Plan Bonds, Series 2004A (the Bonds), in the aggregate principal amount of $4,090,000 pursuant to Minnesota Statutes, Chapter 475. The proceeds of the Bonds will be used, together with any additional funds of the City which might be required, to finance the cost of constructing and equipping a City Hall, Public Works Building and Fire Station and other improvements identified in the City's Capital Improvement Plan (the Plan). Amendments to the Plan and the proposal to issue the Bonds were approved by this Council, following a public hearing thereon, on August 31, 2004. A petition requesting a vote on the question of issuing the Bonds, signed by voters equal to five percent or more of the votes cast in the last municipal general election, was not filed with the City within 30 days of the public hearing. Accordingly, the issuance of the Bonds is authorized without an election. The City finds that the maximum principal and interest to become due in any year on the Bonds and all other Bonds issued under Minnesota Statutes, Section 475.521 is less than .05367 percent of the taxable market value of property in the City. 1.2. Sale. The City has retained Sound Capital as independent financial advisor in connection with the sale of the Bonds. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2, paragraph (9), the requirements as to public sale do not apply to the issuance of the Bonds. Pursuant to the Terms of Proposal and the Official Statement prepared on behalf of the City by Northland Securities, Inc., a proposal for the purchase of the Bonds was received at or before the time specified for receipt of proposals. Northland Securities, Inc. (the Purchaser) has proposed to purchase the Bonds at a price of $4,035,101.90 plus accrued interest on all Bonds to the day of issuance and delivery, on the further terms and conditions hereinafter set forth. 1.3. Award. The sale of the Bonds is hereby awarded to the Purchaser and the Mayor and City Manager are hereby authorized and directed to execute a contract on behalf of the City for the sale of the Bonds in accordance with. the Terms of Proposal. The good faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been delivered and shall be deducted from the purchase price paid at settlement. SECTION 2. BOND TERMS; REGISTRATION, AND DELIVERY. 2.01. Issuance of Bonds. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, now existing,