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CITY OF LAKE ELMO WASHINGTON COUNTY STATE OF MINNESOTA RESOLUTION NO.2025 - 054 A RESOLUTION AWARDING THE SALE OF $2,025,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2025A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Lake Elmo, Washington County, Minnesota (the "City") as follows: Section 1. Background. 1.01 The City is authorized by Minnesota Statutes, Chapters 429 and Minnesota Statutes, Chapter 475, as amended (collectively, the "Act") to provide financing for the City's 2025 street improvement projects (the "Assessable Improvements"). 1.02 The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to negotiate the sale of the Bonds if the City has retained an independent municipal advisor in connection with such sale. The City has retained Northland Securities, Inc. as its municipal advisor (the "Municipal Advisor"). The actions of the City staff and the City's Municipal Advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. Section 2. Sale of Bonds. 2.01 Authorization. It is hereby determined that it is necessary to provide financing for the Assessable Improvements to finance those improvements through the issuance of the City's $2,025,000 General Obligation Improvement Bonds, Series 2025A (the "Bonds"). 2.02. Award to the Purchaser and Interest Rates. The proposal of Brownstone Investment Group, LLC, New York, New York (the "Purchaser") to purchase the Bonds of the City described in the official statement thereof is found and determined to be the most favorable offer received and is hereby accepted, the proposal being to purchase the Bonds at a price of $2,158,663.85 (par amount of $2,025,000.00, plus a premium of $146,826.35 less underwriter's discount of $13,162.50), for Bonds bearing interest as follows: 4908-6676-6901.2