ERMU RES 16-7 - Laserfiche WebLink

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2.06. Sale of Series 2016B Bonds. The Commission has retained Springsted Incorporated ("Springsted"), as its independent financial advisor for the sale of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by Springsted. 2.07. Receipt and Acceptance of Proposals. Proposals have been received by the Commission Finance and Office Manager, or designee, at the offices of Springsted on the date hereof pursuant to the Terms of Proposal established for the Bonds and are set forth in Exhibit A. The proposal of Robert W. Baird & Company, Incorporated in Milwaukee, Wisconsin (the "Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of$1,423,399.58, plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted and the Bonds are hereby awarded to the Purchaser. The Finance and Office Manager is directed to retain the deposit of the Purchaser and to return to the unsuccessful bidders any good faith checks or drafts. 2.08. Performance of Requirements. 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 Series 2016B Bonds having been done, existing, having happened and having been performed, it is now necessary to establish the folin and terms of the Series 2016B Bonds, to provide security therefor and to issue the Series 2016B Bonds forthwith. Section 3. Security for Series 2016B Bonds. 3.01. Pledge of Net Revenues. From and after their issuance, the principal of and interest on the Series 2016B Bonds, as set forth in Section 5, shall be payable solely from and constitute a parity lien and charge on the respective subaccounts of the Electric Fund, including but not limited to the Debt Service Account, the Reserve Account, and the Net Revenues of the Electric System. 3.02. Reserve Account Requirement. Upon issuance of the Series 2016B Bonds, the Commission shall deposit, from amounts on deposit, in the Reserve Account in connection with the Refunded Bonds, in the Reserve Account $137,000, so that the balance in the Reserve Account shall be not less than the applicable Reserve Requirement. 3.03. Not General Obligations. The Series 2016B Bonds are not general obligations of the City or the Commission and the full faith and credit and taxing powers of the City are not pledged for their payment. Section 4. Form of Series 2016B Bonds. 4.01. Series 2016B Bond Form. The Series 2016B Bonds shall be prepared in substantially the form attached hereto as Exhibit B: Section 5. Series 2016B Bond Terms Execution and Delivery. 6 479283v3 JSB EL185-42