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PROPOSALFORM <br />The City Council <br />City of St. Anthony, Minnesota <br />RE: S3,100,000* General Obligation Bonds, Series 2021A (the "Bonds") <br />DATED: May 18, 2021 <br />April 27, 2021 <br />Forall or none of the above Bonds, in accordance with the Tema of Proposal and temu of the Global Book -Entry System (iwless otherwise specified <br />by the Purchaser) as stated in this Official Statement, we will pay you S 3.212}995.90 (not less than 53,062,800) plus accrued interest to date <br />of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows: <br />2.00 <br />%due <br />2022 <br />2.00 <br />%due <br />2028 <br />1.40 <br />1 i %due <br />2034 <br />2.00 <br />%due <br />2023 <br />2.00 <br />---Too- <br />%due <br />2029 <br />160 <br />T2 %due <br />2035 <br />200 <br />%due <br />2024 <br />%due <br />2030 <br />1.60 <br />'12 %due <br />2036 <br />2.00 <br />%due <br />2025 <br />1.10 <br />%due <br />2031 <br />1.60 <br />T2 e <br />/o due <br />2037 <br />2.00 <br />%due <br />2026 <br />1.20 <br />%the <br />2032 <br />2.00 <br />%due <br />2027 <br />1.40 <br />TI %due <br />2033 <br />"The City reserves the right to increase or decrease the principal amount of the Bonds on the day of sale, in inereaems of S5,000 each. Increases or <br />decreases maybe made in any maturity. If anyprincipal amounts are adjusted. the purcimeprice proposed will be adjusted to maintain the some gross <br />spread per S 1,000. <br />The rate for any maturity may not be more than 1.00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% is <br />proposed for the 2022 maturity, then the lowest rate that may be proposed for any toter maturity is 3.50%.) All Bonds of the same maturity <br />most bear interest from date of issue until paid at a single, uniform tate. Each rate must be expressed in an integral multiple of 51100 or 118 of I%. <br />A good faith deposit ("Deposit")in the amount of $62,000 shall be made by the winning bidder by wire transfer of funds. Such Deposit shall <br />be received by Ehlers no later than two hours after the proposal opening time. Wire transfer instructions will be provided to the winning <br />bidder by Ehlers after the tabulation of proposals. The Cityrescrves the right toawardthe Bonds to a winning bidder whose wim transfer is initiated <br />but not received by such time provided that such winning bidder's federal wire reference number has been received by such time. In the event the <br />Deposit is not received as provided above, the City may award the Bonds to the bidder submitting the next best proposal provided such bidder agrees <br />tosuchaward. The Deposit will be retained by the City as liquidated damages if the proposal is accepted and the Purchaser fails to comply therewith. <br />Weagreeto the conditions and duties of Ehlers and Associates,Inc., as escrow holder ofthe Deposit, pursuant to the Terns ofProposal. Thisproposol <br />is forpronhpt acceptance and is conditional upon delivery of said Bonds to The Depository Trust Company, New York, New York, in accordance with <br />the Terms of Proposal. Delivery is anticipated to be on or about May 18.202 1. <br />This proposal is subject to die City's agreement to enter into a written undertaking to provide continuing disclosure under Rule 15c2-12 promulgated <br />bythe Securities and Exchange Commission wider the Securities Exchange Act of 1934 as described in the Preliminary Official Statement f rrthe Bonds. <br />We lave received and reviewed the Official Statement, and any addenda thereto, and have submitted our requests for additional information or <br />corrections to the Final Official Statement. As Syndicate Manager, we agree to provide the City with the reoffering price of the Bonds within 24 horns <br />of the proposal acceptance. <br />This proposal is a firm offer for the purchase of the Bonds identified in tbeTerms ofPropmal, on the terns act forth in this proposal form and the Turns <br />of Proposal, and is not subject to any conditions, except as permitted by the Tema of Proposal. <br />By submitting this proposal, we confine that we are an underwriter and have an established industry reputation for underwriting new issuances of <br />municipal bonds. YES: X NO: <br />If die compelitve sale requirements are not mel, we elect to ase either the: l0%test, or the laid -the -offering -price role to determine the <br />issue price of the Bonds. <br />Account Mana ter' Northland Securities, Inc. By: � �� <br />Account MET—=: UBB & D.A. Davidson <br />Award will be on a true interest cost basis. According to oar computations (the comet computation being controlling in the award), the total dollar <br />interest cost (including any discount or less any premium) computed from May 18, 2021 of the above proposal is S 246,666.74 and the true <br />interest cost (TIC) is 1.1466880/a. <br />The foregoing offer ' hereby acfcpred by and on behalf of the City Council of the City <br />�of SI. Anthony, Minnesota, on April 27, 2021. <br />Title: Title_ <br />G <br />" Subsequent to bid opening the issue size was decreased to $2,970,000. <br />Adjusted Price -$3,078,035.09 Adjusted Net Interest Cush -5241.32250 Adjusted TIC -1.1523% <br />