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WASHINGTON COUNTY
<br />RESOLUTION NO. 2009 -012
<br />A RESOLUTION AUTHORIZING ISSUANCE, AWARDING
<br />SALE, PRESCRIBING THE FORM AND DETAILS AND
<br />PROVIDING FOR THE PAYMENT OF $1,050,000 GENERAL
<br />OBLIGATION REFUNDING BONDS, SERIES 2009A
<br />BE IT RESOLVED by the City Council of the City of Lake Elmo, Minnesota (the
<br />"Issuer "), as follows.
<br />Section 1. Authorization and Sale.
<br />1.01. Authorization. By resolution adopted March 3, 2009, this Council has
<br />determined that it is in the best interests of the Issuer to issue its General Obligation Refunding
<br />Bonds, Series 2009A (the "Bonds ") in the principal amount of $1,050,000. The proceeds of the
<br />Bonds will be used, together with funds on hand as may be required, to (i) refund, in a current
<br />refunding on or about May 13, 2009, all or a portion of the Issuer's General Obligation State Aid
<br />and Improvement Bonds, Series 2001, dated, as originally issued, as of October 1, 2001 (the
<br />"Original Series 2001 Bonds ") and maturing February 1 in the years 2010 through 2017 (the
<br />"Series 2001 Refunded Bonds "), (ii) refund, in a crossover refunding on December 1, 2009 (the
<br />"Crossover Date "), all or a portion of the Issuer's General Obligation Water Revenue Bonds,
<br />Series 2002B, dated, as originally issued, as of May 1, 2002 and maturing on December I in the
<br />years 2010 through 2021 (the "Series 2002 Refunded Bonds "; together with the Series 2001
<br />Refunded Bonds, the "Refunded Bonds ") and (iii) fund costs of issuance of the Bonds. The
<br />portion of the Original Series 2001. Bonds issued under Minnesota Statutes, Chapters 429 and
<br />475 has matured. The portion of the Bonds allocable to the refunding of the Series 2001
<br />Refunded Bonds is $535,000 (the "2001 Refunding Bonds "). The portion of the Bonds allocable
<br />to the refunding of the Series 2002 Refunded Bonds is $515,000 (the "2002 Refunding Bonds ").
<br />The Crossover Date is the earliest date on which the Series 2002 Refunded Bonds may be
<br />redeemed. The refunding of the Refunded Bonds is being carried out for the purpose described
<br />in Minnesota Statutes, Section 475.67, subdivision 3, section (b)(2)(i) and in compliance with
<br />Minnesota Statutes, Chapter 475.
<br />1.02. Sale. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2,
<br />paragraph (2), the requirements as to public sale do not apply to the issuance of the Bonds. A
<br />proposal has been received from Northland Securities, Inc., Minneapolis, Minnesota (the
<br />"Purchaser "). In accordance with the terms of offering for the Bonds, it is hereby determined to
<br />issue the Bonds in the principal amount of $1,050,000 at a price of $1,054,597 plus accrued
<br />interest of $987.10, and upon the further terms and conditions set forth herein. The sale of the
<br />Bonds is hereby awarded to the Purchaser, and the Mayor and City Administrator are hereby
<br />authorized and directed to execute a contract on behalf of the Issuer for the sale of the Bonds in
<br />accordance with the terms of the proposal.
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