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<br />year on the Bonds issued by the City under Minnesota Statutes, Section 475.521, will be less
<br />than 0.16 percent of the estimated market value of property in the City; and
<br />F. the City has retained Baker Tilly Municipal Advisors, LLC, in St. Paul,
<br />Minnesota ("Baker Tilly MA"), as its independent municipal advisor for the sale of the Bonds
<br />and was therefore authorized to sell the Bonds by private negotiation in accordance with
<br />Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have
<br />been solicited by Baker Tilly MA; and
<br />G. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
<br />by the Administrator, or designee, at the offices of Baker Tilly MA at 10:00 A.M. this same day
<br />pursuant to the Terms of Proposal established for the Bonds; and
<br />H. WHEREAS, it is in the best interests of the City that the Bonds be issued in book-
<br />entry form as hereinafter provided; and
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hugo,
<br />Minnesota, as follows:
<br />1. Acceptance of Proposal. The proposal of Robert W. Baird & Co., Incorporated,
<br />in Milwaukee, Wisconsin (the "Purchaser"), to purchase the Bonds, in accordance with the
<br />Preliminary Official Statement established for the Bonds, at the rates of interest hereinafter set
<br />forth, and to pay therefor the sum of $8,420,895.48, plus interest accrued to settlement, is hereby
<br />found, determined and declared to be the most favorable proposal received, is hereby accepted
<br />and the Bonds are hereby awarded to the Purchaser. The Finance Director is directed to retain
<br />the deposit of the Purchaser and to forthwith return to the unsuccessful bidders their good faith
<br />checks or drafts.
<br />2. Bond Terms.
<br />(a) Original Issue Date; Denominations; Maturities; Term Bond Option; Debt
<br />Limitations. The Bonds shall be dated November 5, 2020, as the date of original issue, be issued
<br />forthwith on or after such date in fully registered form, be numbered from R-1 upward in the
<br />denomination of $5,000 each or in any integral multiple thereof of a single maturity (the
<br />"Authorized Denominations"), and shall mature on February 1 in the years and amounts as
<br />follows:
<br />Year Amount Year Amount
<br />2022 $155,000 2032 $325,000
<br />2023 $225,000 2033 $330,000
<br />2024 $235,000 2034 $330,000
<br />2025 $245,000 2035 $335,000
<br />2026 $260,000 2036 $340,000
<br />2027 $270,000 2037 $345,000
<br />2028 $285,000 2038 $350,000
<br />2029 $295,000 2039 $355,000
<br />2030 $310,000 2040 $365,000
<br />2031 $320,000 2040 $2,325,000
<br />* Term Bonds.
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