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After due consideration of the proposals, Member Morin then introduced the following • <br />resolution, and moved its adoption. <br />RESOLUTION NO. 12-12 <br />A RESOLUTION AWARDING THE SALE OF $1,525,000 GENERAL <br />OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2012B; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />PROVIDING FOR THEIR PAYMENT; <br />AND PROVIDING FOR THE REDEMPTION OF <br />BONDS REFUNDED THEREBY. <br />BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County, <br />Minnesota (the "City") as follows: <br />Section 1. Sale of Bonds. <br />1.01. Background; Findings. It is hereby determined that: <br />(a) the City is authorized by the provisions of Minnesota Statutes, Chapter <br />475 (the "Act") and Section 475.67, Subdivision 13 of the Act to issue and sell its general <br />obligation bonds to refund outstanding bonds when determined by the City Council to be <br />necessary and desirable; <br />(b) it is necessary and desirable that the City issue approximately $1,525,000 <br />General Obligation Improvement Refunding Bonds, Series 2012B (the "Bonds") to <br />refund in advance of maturity and at their redemption date the 2014 to 2018 maturities of <br />the City's General Obligation Improvement Bonds, Series 2007A, dated June 26, 2007 <br />(the "Refunded Bonds") in the principal amount of $3,090,000 is callable on February 1, <br />2013. <br />1.02. Award to the Purchaser and Interest Rates. The proposal of Piper Jaffray & Co. <br />(the "Purchaser") to purchase the Bonds of the City described in the Terms of Proposal thereof is <br />hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to <br />purchase the Bonds at a price of $1,594,751.00 plus accrued interest to date of delivery, for Bonds <br />bearing interest as follows: <br /> <br />398249v2 JSB EL185-17 2 <br />