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(b) pursuant to the Act, including particularly Minnesota Statutes, Section
<br />475.521, the City has heretofore issued its (i) General Obligation Capital Improvement
<br />PlanBonds, Series 2010A, in the original aggregate principal amount of $7,370,000, which
<br />are dated April 21, 2010, (the "Series 2010A Refunded Bonds") to acquire the City's safety
<br />facility and the City Hall facility from the Elk River Economic Development Authority,
<br />Minnesota (the "EDA") by refunding certain outstanding obligations of the EDA (the
<br />"2010A CIP Improvements"); and (ii) General Obligation Capital Improvement Plan
<br />Bonds, Series 2012A, in the original aggregate principal amount of $6,975,000, which are
<br />dated March 15, 2012, (the "Series 2012A Refunded Bonds" and, together with the Series
<br />2010A Refunded Bonds, the "Refunded Bonds") to finance a public works facility
<br />expansion and renovation (the "2012A CIP Improvements" and, together with the 2010A
<br />CIP Improvements, the "CIP Improvements"); and
<br />(c) the (i) 2010A Refunded Bonds are currently outstanding in the principal
<br />amount of $1,985,000, of which $1,350,000 in principal amount is callable on or after
<br />February 1, 2021; and (ii) 2012A Refunded Bonds are currently outstanding in the principal
<br />amount of $4,840,000, of which $4,515,000 in principal amount is callable on or after
<br />February 1, 2021, and
<br />(d) it is necessary and desirable that the City issue its $5,340,000 General
<br />Obligation Capital Improvement Plan Refunding Bonds, Series 2020B (the "Bonds") to
<br />refund in advance of maturity and at their redemption date on February 1, 2021 the (i) 2022
<br />and 2023 maturities of the 2010A Refunded Bonds; and (ii) 2022 to 2033 maturities of the
<br />2012A Refunded Bonds; and
<br />(e) 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 />2.02. Award to the Purchaser and Interest Rates. The proposal of Robert W. Baird & Co.,
<br />Incorporated, Milwaukee, Wisconsin (the "Purchaser") to purchase the Bonds is hereby found and
<br />determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds
<br />at a price of $5,905,183.53 (par amount of $5,340,000, plus a premium of $601,585.20 less
<br />underwriter's discount of $36,401.67), plus accrued interest to date of delivery, if any, for Bonds
<br />bearing interest as follows:
<br />EL 185-66-684471.v2 2
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