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After due consideration of the proposals, Member Westgaard _ien introduced the <br />following resolution, and moved its adoption. <br />RESOLUTION NO.20- 94 <br />RESOLUTION AWARDING THE SALE OF TAXABLE GENERAL <br />OBLIGATION SEWER REVENUE REFUNDING BONDS, SERIES 2020C IN THE <br />ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $7,200,000; <br />FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND <br />DELIVERY; PROVIDING FOR THEIR PAYMENT; AND PROVIDING FOR THE <br />REDEMPTION OF BONDS REFUNDED THEREBY. <br />Section 1. Background; Findings. <br />1.01. It is hereby determined that: <br />(a) the City is authorized by the provisions of Minnesota Statutes, Chapter <br />475, as amended (the "Act") and particularly Section 475.67, Subdivision 13 of the Act <br />to issue and sell its general obligation bonds to refund outstanding bonds when <br />determined by the City Council to be necessary and desirable; <br />(b) the City has heretofore issued its General Obligation Sewer Revenue <br />Bonds, Series 2014B in the original aggregate principal amount of $10,000,000 (the <br />"Refunded Bonds") to finance wastewater facility improvement project; <br />(c) it is necessary and desirable that the City issue approximately $7,200,000 <br />Taxable General Obligation Sewer Revenue Refunding Bonds, Series 2020C <br />(the "Bonds") to refund in advance of maturity and at their redemption date the 2023 to <br />2035 maturities of the Refunded Bonds, dated August 21, 2014, currently outstanding in <br />the principal amount of $7,930,000, of which $7,040,000 in the principal amount is <br />callable on February 1, 2022; and <br />(d) the City is authorized by Section 475.60, subdivision 2(9), of the Act to <br />negotiate the sale of the Bonds because the City has retained Baker Tilly Municipal <br />Advisors, LLC as an independent municipal advisor in connection with such sale. The <br />actions of the City staff and the City's municipal advisor in negotiating the sale of the <br />Bonds are ratified and confirmed in all aspects. <br />Section 2. Sale of Bonds. <br />2.01. Award to the Purchaser and Interest Rates. The proposal of UMB Bank, N.A., <br />Kansas City, Missouri (the "Purchaser") to purchase the Bonds is hereby found and determined to <br />be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of <br />EL185-67-688304.v2 2 <br />