RES 20-92 - Laserfiche WebLink

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library, public safety facility and public works facilities (excluding light rail transit or any activity related to it, or a park, road, bridge, administrative building other than a city hall, or land for any of those activities). (b) The City held a public hearing on November 2, 2020, regarding a five-year capital improvement plan for the years 2020 — 2025 (the "Plan") and regarding issuance of bonds in one or more series an aggregate principal amount not to exceed $17,500,000 to finance planned capital improvements, all in accordance with the Act. The Plan authorizes issuance of bonds to pay the cost of certain capital improvements identified in the capital improvement plan including, without limitation, capital improvements related to the City's Public Safety Building and the City's fire station #3, (the "Improvements"). (c) The City Council has determined that, within 30 days after the hearing, no petition for a referendum on the issuance of bonds to pay costs of the Improvements was received by the City in accordance with the Act. (d) As required by the Act, the City has determined that: (i) the expected useful life of the Improvements will be at least 5 years; and (ii) the amount of principal and interest due in any year on all outstanding bonds issued by the City under the Act, including the Bonds (as defined below), will not exceed 0.16% of the estimated market value of property in the City for taxes payable in 2020. (e) It is necessary and expedient to the sound financial management of the affairs of the City to issue its General Obligation Capital Improvement Plan Bonds, Series 2020A (the "Bonds"), in the aggregate principal amount of $9,435,000, to provide financing for the Improvements. (f) The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9), of the Act 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 Robert W. Baird & Co. Inc., Milwaukee, Wisconsin(the "Purchaser") to purchase the Bonds 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 $10,093,610.61 (par amount of $9,435,000, plus a premium of $763,327.90 less underwriter's discount of $104,717.29), plus accrued interest to date of delivery, if any, for Bonds bearing interest as follows: EL185-64-684074.v2 2