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RESOLUTION NO. 9364 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AWARDING THE SALE OF $5,830,000 GENERAL <br />OBLIGATION WATER REVENUE BONDS, SERIES 2020A FIXING THEIR <br />FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND <br />DELIVERY; AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Mounds View, Minnesota (the <br />"City") as follows: <br />Section 1. Background. <br />1.01 The City is authorized by Minnesota Statutes, Chapters 444 and 475, as amended <br />(collectively, the "Act"), to finance all or a portion of the costs associated with the City's 2019, <br />2020 and 2021 Water Treatment Plant Rehabilitation Project (the "Utility Improvements") by the <br />issuance of General Obligation Water Revenue Bonds of the City payable from the net revenues <br />of the water utility system of the City. <br />1.02 The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to <br />negotiate the sale of the Bonds, it being determined that the City has retained an independent <br />municipal advisor in connection with such sale. The actions of the City staff and the City's <br />municipal advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. <br />Section 2. Sale of Bonds. <br />2.01 Authorization. It is hereby determined that it is necessary to provide financing for <br />the Utility Improvements and to finance those Utility Improvements through the issuance of the <br />City's $5,830,000 General Obligation Water Revenue Bonds, Series 2020A (the "Bonds"). <br />2.02. Award to the Purchaser and Interest Rates. The proposal of Robert W. Baird & <br />Co., Inc., Milwaukee, Wisconsin (the "Purchaser") to purchase the Bonds of the City hereby found <br />and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the <br />Bonds at a price of $6,060,492.09 (par amount of $5,830,000.00, plus original issue premium of <br />$271,527.60, less underwriter's discount of $41,035.51), plus accrued interest to the date of <br />delivery, if any, for Bonds bearing interest as follows: <br />Year of Interest <br />Maturity <br />2022 <br />2023 <br />Rate <br />2.00% <br />2.00 <br />Year of <br />Maturity <br />2030 <br />2031 <br />Interest <br />Rate <br />2.00% <br />1.00 <br />MU210-280-685657.v2 2 <br />