2.5 ERMUSR 05-11-2021 - Laserfiche WebLink

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6 EL185-68-707442.v4 Terms of Proposal established for the Series 2021B Bonds and are set forth in Exhibit A. The proposal of the Purchaser, to purchase the Series 2021B Bonds in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of $12,412,389.14 (par amount of $11,810,000.00, plus a premium of $680,441.55 and less an underwriter’s discount of $78,052.41), plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted and the Series 2021B Bonds 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, conditions and 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 2021B Bonds having been done, existing, having happened and having been performed, it is now necessary to establish the form and terms of the Series 2021B Bonds, to provide security therefor and to issue the Series 2021B Bonds forthwith. Section 3. Security for Series 2021B Bonds. 3.01. Pledge of Net Revenues. From and after their issuance, the principal of and interest on the Series 2021B Bonds, 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 Service Account, the Reserve Account, and the Net Revenues of the Electric System. 3.02. Reserve Account Requirement. Upon issuance of the Series 2021B Bonds, the Commission shall deposit, from proceeds of the Series 2021B Bonds, in the Reserve Account $517,656.78, so that the balance in the Reserve Account shall be not less than the applicable Reserve Requirement. 3.03. Not General Obligations. The Series 2021B Bonds 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 2021B Bonds. 4.01. Series 2021B Bond Form. The Series 2021B Bonds shall be prepared in substantially the form attached hereto as Exhibit B: Section 5. Series 2021B Bond 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 2021B Bonds 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: 67