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Resolution No. 21-12 <br />AWARDING THE SALE OF $1,615,000GENERAL OBLIGATION WATER <br />UTILITY REVENUE BONDS, SERIES 2021CFIXING THEIR FORM AND <br />SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT. <br />BE IT RESOLVED By the Elk River Municipal Utilities Commission (the <br />: <br />Section 1. Background. <br />1.01The Cityof Elk River, Minnesota (theCity)is authorized by Minnesota <br />Statutes, Chapters 444 and 475finance the construction of a field <br />house facility to house service trucks, inventory, and offices of the Elk River Municipal Utilities <br />Improvements) by the issuance of General Obligation Water Utility Revenue <br />Bondsof the Citypayable from the net revenues of the water utility system of the Commission. <br />1.02The Cityis authorizedby law to borrow money necessary to finance the Utility <br />Improvementsand to pay the related financing costs. It is necessary and expedient for the City <br />forthwith to issue its General Obligation Water Utility Revenue Bonds, Series 2021C, in the <br />principal amount of$1,615,000(theBonds). All costs of the Utility Improvementsin excess <br />of the proceeds of the Bonds available for payment of such costs shall be paid from any other <br />funds legally available to the Commission for such purpose. <br />1.03The City and the Commission haveretained Baker Tilly Municipal Advisors, <br />Bonds and are <br />therefore authorized to sell theBonds by private negotiation in accordance with Minnesota <br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchasethe Bonds have been <br />solicited by Baker Tilly. <br />Section 2. Sale of Bonds. <br />2.01Authorization. Itis hereby determined that it is necessary to provide financing for <br />the Utility Improvements and to finance those Utility Improvementsthrough theissuance of the <br />Bonds. <br />2.02.Award to thePurchaser and Interest Rates. The proposal of Robert W. Baird & <br />Co., Incorporated, Milwaukee, Wisconsinds ishereby <br />found and determined to be a reasonable offer and is hereby accepted, the proposal being to <br />purchase the Bonds at aprice of $1,721,636.76(par amount of $1,615,000,plusnetoriginal <br />issuepremium of $133,572.65,f $26,935.89), plus accrued interest <br />to date of delivery, if any, for Bonds bearing interest as follows: <br />EL185-69-713323.v2 <br />2 <br />37 <br />