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Bonds 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 />F. 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 11:00 A.M. this same day
<br />pursuant to the Terms of Proposal established for the Bonds; and
<br />G. 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., Inc. in
<br />Milwaukee, Wisconsin (the "Purchaser"), to purchase the Bonds, in accordance with the Terms
<br />of Proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of
<br />$8,715,749.52, plus interest accrued to settlement, is hereby found, determined and declared to
<br />be the most favorable proposal received, is hereby accepted and the Bonds are hereby awarded to
<br />the Purchaser. The Administrator is directed to retain the deposit of the Purchaser and to
<br />forthwith return to the unsuccessful bidders their good faith checks or drafts.
<br />2. Bond Terms.
<br />(a) Original Issue Date; Denominations,• Maturities; Term Bond Qption. The Bonds
<br />shall be dated October 7, 2021, as the date of original issue and shall be issued forthwith on or
<br />after such date in fully registered form, shall be numbered from R-1 upward in the denomination
<br />of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized
<br />Denominations") and shall mature on February 1 in the years and amounts as follows:
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />2023
<br />$235,000.00
<br />2033
<br />$430,000.00
<br />2024
<br />310,000.00
<br />2034
<br />435,000.00
<br />2025
<br />325,000.00
<br />2035
<br />440,000.00
<br />2026
<br />340,000.00
<br />2036
<br />450,000.00
<br />2027
<br />350,000.00
<br />2037
<br />455,000.00
<br />2028
<br />365,000.00
<br />2038
<br />465,000.00
<br />2029
<br />380,000.00
<br />2039
<br />475,000.00
<br />2030
<br />395,000.00
<br />2040
<br />485,000.00
<br />2031
<br />410,000.00
<br />2041
<br />495,000.00
<br />2032
<br />425,000.00
<br />2042
<br />505,000.00
<br />As may be requested by the Purchaser, one or more term Bonds may be issued having
<br />mandatory sinking fund redemption and final maturity amounts conforming to the foregoing
<br />principal repayment schedule, and corresponding additions may be made to the provisions of the
<br />applicable Bond(s).
<br />2
<br />53590415v1
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