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revenues of the electric utility system of the Commission and shall not constitute a debt for <br />which the full faith and credit or taxing powers of the City will be pledged. <br />3. Terms of Sale. The City hereby approves the issuance of the Bonds and Terms of <br />Proposal and delegates to the Commission the authority to award the sale of the Bonds in an <br />aggregate principal amount not to exceed $14,460,000 plus the amount of any premium. The <br />resolution of the Commission awarding the sale of the Bonds, fixing the form and details of the <br />Bonds, establishing the terms of the Bonds and the security therefor, and providing for the <br />execution and delivery of the Bonds shall have the same force and effect as if such resolution <br />had been adopted by this Council. <br />4. No Designation of Qualified Tax -Exempt Obligations. The Bonds will not be <br />designated as a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the <br />Code. <br />5. Consultants. This, Council hereby approves the selection of Baker Tilly <br />Municipal Advisors, LLC, in Saint Paul, Minnesota ("Baker Tilly"), as municipal advisor to the <br />City and the Commission, to assist in the offer and sale of the Bonds, and hereby approves the <br />selection of Kennedy & Graven, Chartered, as bond counsel to the City and the Commission, to <br />render an approving legal opinion with respect to the Bonds. <br />6. Continuing, Disclosure. The City and the Commission will enter into a <br />Continuing Disclosure Certificate (the "Certificate"), dated the date of closing, a form of which <br />is on file with the City. The Mayor and City Clerk of the City are hereby authorized to sign the <br />Certificate. <br />7. Official Statement. In connection with said competitive negotiated sale, the <br />Finance Manager and other officers or employees of the Commission and the officers or <br />employees of the City are hereby authorized to cooperate with Baker Tilly and participate in the <br />preparation of an official statement for the Bonds, and to execute and deliver it on behalf of the <br />Commission and the City upon its completion. <br />The motion for the adoption of the foregoing resolution was duly seconded by member <br />Wagner and, after full discussion thereof and upon a vote being taken thereon, the following <br />voted in favor thereof: Mayor Dietz, Councilmembers Christianson, Westgaard, Beyer, and <br />Wagner <br />and the following voted against the same: None <br />Whereupon said resolution was declared duly passed and adopted. <br />2 <br />EL185-68-699667.v2 <br />