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CITY OF LAKE ELMO WASHINGTON COUNTY, MINNESOTA RESOLUTION 2005 -074 RESOLUTION AUTHORIZING ISSUANCE; AWARDING THE SALE; PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR. THE PAYMENT OF $4,600,000 GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2005A BE IT RESOLVED by the City Council of the City of Lake Elmo, Minnesota (the "City„), as follows: SECTION 1. AUTHORIZATION AND SAYE OF BONDS. 1.01. Authorization. The City owns and operates a municipal water enterprise system, (the "Utility "). This Council intends to construct public infrastructure improvements to the Utility (collectively, the "Improvements "). This Council hereby determines that it is in the best interests of the City to issue its $4,600,000 aggregate principal amount of General Obligation Water Revenue Bonds, Series 2005A (the "Bonds ") to finance the cost of making the Improvements pursuant to Minnesota Statutes, Section 444.075 and Chapter 475. 1.02. Sale. The City has retained Sound Capital Management, Inc. 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. The City has received an offer from Northland Securities, Inc., in Minneapolis, Minnesota (the Purchaser) to purchase the Bonds at a price of $ plus accrued interest on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. The offer is hereby accepted, and the Mayor and City Administrator are hereby authorized and directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. 1.03. Performance of Requirements. The City is authorized by Minnesota Statutes, Section 444.075, to issue and sell the Bonds to pay the costs of the Improvements, and to pledge to the payment of the Bonds net revenues to be derived from charges for the service, use and availability of the Utility. The City presently has outstanding obligations which constitute a lien on the net revenues of the Utility and the pledge of net revenues of the Utility to pay the Bonds should be on a parity with the pledge of net revenues of the Utility to pay such outstanding 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, existing, having happened and having been performed, it is now necessary for this Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith.