RES 21-32 - Laserfiche WebLink

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1.06 As required by the Equipment Act, (i) the expected useful life of each item of Equipment is or will be at least as long as the term of the of the Equipment Certificates (as defined below); and (ii) the principal amount of the Equipment Certificates will not exceed 0.25% of the estimated market value of taxable property in the City for taxes payable in 2021, which is the market value as last finally equalized. 1.07 The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) 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. Section 2. Sale of Bonds. 2.01 Authorization. It is hereby determined that it is necessary to provide financing for the CIP Improvements and the Equipment and to finance those capital expenditures through the issuance of the City's $4,805,000 General Obligation Capital Improvement Plan and Equipment Bonds, Series 2021A (the "Bonds"). 2.02. Acccptance of Offer. The proposal of Piper Sandler & Co., Minneapolis, Minnesota (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 $5,201,366.93 ($4,805,000.00 par amount, plus original issue premium of $428,884.60, less underwriter's discount of $32,517.67), for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2023 5.00% 2031 3.00% 2024 5.00 2033* 1.35 2025 5.00 2035* 1.50 2026 4.00 2037* 2.00 2027 4.00 2039* 2.00 2028 3.00 2041 * 2.00 2029 3.00 2042 2.00 2030 3.00 *Term Bond 2.03. Purchase Contract. Any amount paid by the Purchaser over the minimum purchase price shall be credited to the Debt Service Fund hereinafter created, or deposited in the accounts in the Project Fund hereinafter created, as determined by the City Finance Director after consultation with the City's municipal advisor. The City Finance Director is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds. The Mayor and City Clerk are authorized to execute a contract with the Purchaser on behalf of the City, if requested by the Purchaser. 2.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the C1P Act and the Equipment Act (collectively, the "Act"), in the total EL185-65-708496.v2