5.2b ERMUSR 04-13-2021 - Laserfiche WebLink

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TEMPLATE RESOLUTION Terms of Proposal established for the Series 2021B Bondsand are set forth in Exhibit A. The proposal of thePurchaser, to purchase the Series 2021B Bondsin accordance with the Terms of Proposal, at therates of interest hereinafter set forth, and to pay therefor the sum of $__________(par amount of $12,620,000.00, plus a premium of $__________and less an und__________), plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted and theSeries 2021BBonds are hereby awarded to the Purchaser. The Finance Manager is directed to retain the deposit of the Purchaser, pending completion of the sale of the Series 2021B Bonds. 2.08.Performance of Requirements. All acts, conditionsand things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Series 2021BBonds having been done, existing, having happened and having been performed, it is now necessary to establish the form and terms of the Series 2021BBonds, to provide security therefor and to issue the Series 2021B Bonds forthwith. Section 3.Securityfor Series 2021BBonds. 3.01.Pledge of Net Revenues. From and after their issuance, the principal of and interest on the Series 2021BBonds, as set forth in Section 5, shall be payable solely from and constitute a parity lien and charge on the respective subaccounts of the Electric Fund, including but not limited to the Debt ServiceAccount, the Reserve Account,and the Net Revenues of the Electric System. 3.02.Reserve Account Requirement. Upon issuance of the Series 2021BBonds, the Commission shall deposit, fromproceeds of the Series 2021BBonds, in the ReserveAccount $__________, sothat the balance in the ReserveAccount shall be not less than the applicable Reserve Requirement. 3.03.Not General Obligations. The Series 2021BBonds are not general obligations of the City or the Commission and the full faith and credit and taxing powers of the City are not pledged for their payment. Section 4.Form of Series 2021BBonds. 4.01.Series 2021BBond Form. The Series 2021BBonds shall be prepared in substantially the formattached heretoas Exhibit B: Section 5.Series 2021BBond Terms Execution and Delivery. 5.01.Maturities, Interest Rates, Denominations, Payment and Dating of Series 2021B Bonds. The City shall forthwith issue and deliver the Series 2021BBonds which shall be in the denomination of $5,000 each or any integral multiple thereof of a single maturity, shall bear a date of original issue, shall mature on August 1 in the years and amounts set forth below and shall bear interest from date of original issue until paid or duly called for redemption at the rates per annum set forth below: 6 EL185-68-707442.v2 392