8.1. SR 08-19-2019 - Laserfiche WebLink

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authorized to impose certain sales and use taxes (collectively, the “Sales Taxes”) and to issue its general obligation bonds for various purposes, as specified in the Special Law; and (b) the Council and the City have complied with Minnesota Statutes, Section 645.021, Subdivision 3, in approving the Special Law; (c) it is necessary and expedient to the sound financial management of the affairs of the City to issue General Obligation Sales Tax Revenue Bonds, Series 2019A (the “Bonds”), in an aggregate principal amount of $33,735,000, to provide financing, including without limitation, for the acquisition and betterment of certain recreational facility improvements, park improvements, trail improvements, and dredging of Lake Orono as more specifically described in the Special Legislation (the “Project”); and (d) the City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to negotiate the sale of the Bonds, it being determined that the City has retained an independent municipal advisor in connection with such sale. The actions of the City staff and the City’s municipal advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. 1.02. Award to the Purchaser and Interest Rates. The proposal of ________________________________________ (the “Purchaser”) to purchase the Bonds of the City described in the Official Terms of Proposal thereof is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $____________ (the par amount of the Bonds of $33,735,000, plus original issue premium of $__________, less underwriter’s discount of $___________) , for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2020 2033 2021 2034 2022 2035 2023 2036 2024 2037 2025 2038 2026 2039 2027 2040 2028 2041 2029 2042 2030 2043 2031 2044 2032 1.03. Purchase Contract. Any amount paid by the Purchaser over the minimum purchase price shall be credited to the Debt Service Fund hereinafter created, or deposited in the Construction Fund hereinafter created, as determined by the City Finance Director upon consultation with the City’s municipal advisor. The Mayor and City Clerk are authorized to execute a contract with the Purchaser on behalf of the City, if requested by the Purchaser. 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the Act, in the total principal amount of $33,735,000, originally dated the date of 603216v1EL185-44 2