RES 24-060 RELATING TO THE $1,780,000 GENERAL OBLIGATION IMROVEMENT BONDS, SERIES 2024A; AUTHORIZING ISSUANCE, AWARDING THE SALE FIXING THE FORM AND DETAILS, PROVIDING FOR THE EXECUTION AND DELIVERY AND SECURITY AND LEVYING AD VALOREM TAXES FOR THE PAYME

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Councilmember Dc'-don introduced the following resolution (the "Resolution") and moved its adoption, which motion was seconded by Councilmember J ecsc� RESOLUTION NO.24-060 RESOLUTION RELATING TO $1,780,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2024A; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council (the "Council") of the City of St. Anthony, Minnesota (the "City"), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. This. City Council, by resolution duly adopted on August 15, 2024, authorized the issuance and sale of its General Obligation Improvement Bonds, Series 2024A (the "Bonds"), in the approximate principal amount of $2,000,000, pursuant to Minnesota Statutes, Chapters 429 and 475, for the purpose of financing certain improvement projects within the City (the "Project") and to pay costs associated with the issuance of the Bonds. 1.02. Sale. Pursuant to the Terms of Proposal and the Preliminary Official Statement prepared on behalf of the City by Ehlers & Associates, Inc. ("Ehlers"), municipal advisors to the City, sealed or electronic proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened and publicly read and considered and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of Robert W. Baird & Co., Incorporated in Milwaukee, Wisconsin (the "Purchaser"), to purchase the Bonds at a purchase price of $1,972,259.92, on the further terms and conditions hereinafter set forth. 1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor and City Clerk are hereby authorized and directed on behalf of the City to execute a contract for the sale of the Bonds with the Purchaser in accordance with the Preliminary Official Statement. The good faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been delivered, and shall be deducted from the purchase price paid at settlement. SECTION 2. BOND TERMS, REGISTRATION, EXECUTION AND DELIVERY. 2.01. Issuance of 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, now existing, having happened and having been performed, it is now necessary for the Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. 2.02. Maturities, Interest Rates, Denominations and Payment. The Bonds shall be originally dated as of October 1, 2024, shall be in the denomination of $5,000 each, or any integral