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or will be duly ordered by the City and have been constructed by the City or will be constructed under contracts which the City has or will let therefor, all pursuant to and in accordance with the applicable provisions of Minnesota Statutes, Section 444.075, the total costs thereof being estimated as follows: Project Costs Allowance for Discount Costs of Issuance Rounding $975,000 12,060 13,754 4,186 $1,005,000 WHEREAS, it is necessary and expedient to the sound financial management of the affairs of the City that the City issue $1,005,000 of its bonds (the "Nonrefunding Bonds") pursuant to Minnesota Statutes, Chapter 475 and Section 444.075, to provide financing for the Improvements; and WHEREAS, it is necessary and expedient to issue the City's General Obligation Water Revenue Bonds, Series 2003B (the "Bonds"), to provide moneys (together with other funds available for such purpose) for a current refunding of the callable Prior Bonds (which Prior Bonds to be refunded are referred to herein as the "Refunded Bonds") and to finance the Improvements, respectively: NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Acceptance of Offer. (a) The offer of Robert W. Baird & Company, Inc., Milwaukee, Wisconsin (the "Purchaser"), to purchase the City's General Obligation Water Revenue Bonds, Series 2003B (the "Bonds", or individually a "Bond"), at the rates of interest and upon the other terms set forth in this Resolution, and to pay therefor the sum of $1,983,897.00 plus interest accrued to settlement, is hereby accepted. (b) Book Entry_ Only System. The Depository Trust Company, in New York, New York, pursuant to a certain Blanket Issuer Letter of Representations to be executed by the City and accepted by said Trust Company (as the same may be supplemented or superseded, and including all provisions thereof and rules, procedures or practices referenced therein, the "Letter of Representations"), or any of its successors to its functions hereunder (the "Depository"), will act as securities depository for the Bonds, and to this end: (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and authorized denominations for each maturity of Bonds shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of 1580841vl 2