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Councilmember introduced the following resolution and moved its
<br />adoption, which motion was seconded by Councilmember f
<br />BE IT RESOLVED by the City Council, City of Lake Elmo, Minnesota (the "City"), as
<br />follows:
<br />•1980# !�
<br />1.01. Authorization. This City Council, by resolution duly adopted on May 3, 2016,
<br />authorized the issuance and sale of its General Obligation Bonds, Series 2016A (the "Bonds"),
<br />pursuant to Minnesota Statutes, Chapters 429, 444 and 475, for the purpose of (a) financing
<br />various improvement projects in the City (the "Improvements Project"), (b) financing various
<br />street, water, sewer and storin water improvements in the City (the "Utility Project"), and (c)
<br />funding costs of issuance of the Bonds (collectively, the "Project").
<br />1.02. Sale. Pursuant to the Notice of Sale and the Preliminary Official Statement
<br />prepared on behalf of the City by Northland Securities, Inc.,;municipal advisor to the'City, sealed
<br />or electronic proposals for the purchase of the Bonds were received at or before the time
<br />specified for receipt of proposals. The proposals have been opened, publicly read and considered
<br />and the purchase price, interest rates and net interest cost -under the terms of each proposal have
<br />been detennined. The most favorable proposal received is that of Stifel Nicolas & Co., Inc., in
<br />Bin-ningham, Alabama (the "Purchaser"), to purchase the Bonds in the principal amount of
<br />$9,545,000, at a price of $9,770,397.80 plus accrued interest of $3,711.94 on all Bonds to the
<br />day of delivery and payment, on the further tenus and conditions hereinafter set forth. The
<br />principal amount of the portion of the Bonds allocable to the Improvements Project ($2,690,000)
<br />shall be designated as the "Improvement Bonds," and the principal amount of the portion of the
<br />Bonds allocable to the Utility Project ($6,855,000) shall be designated as the "Utility Bonds."
<br />1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor
<br />and City Finance Director are hereby authorized and directed on behalf of the City to execute a
<br />contract for the sale of the Bonds with the Purchaser in accordance with the Preliminary Official
<br />Statement. The good faith deposit of the Purchaser shall be retained and deposited by the City
<br />until the Bonds have been delivered, and shall be deducted from the purchase price paid at
<br />settlement.
<br />2.01. Issuance of Bonds. All acts, conditions and things which are required by the
<br />Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be
<br />perfonned precedent to and in the valid issuance of the Bonds having been done, now existing,
<br />having happened and having been perfon-ned, it is now necessary for the Council to establish the
<br />foam and tenris of the Bonds, to provide security therefor and to issue the Bonds forthwith.
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