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during the six month period prior to the date on which the obli ations to be refunded ma be g Y called for redemption. 1.03. Issuance of Bonds. (a) The City finds that it is necessary and desirable for the reduction of interest cost that the City issue its General Obligation Capital Improvement Plan Bonds, Series 2010A (the "Bonds"), in an original aggregate principal amount not to exceed $8,000,000, the proceeds of which will be applied to defease and advance refund the Authority's Series 2002A Bonds and the Authority's Series 2002B Bonds. (b) The City is authorized by Minnesota Statutes, Section 475.60, Subdivision 2(9) to negotiate the sale of the Bonds because the City has hired an independent financial advisor to opine that the sale price of the Bonds is commercially reasonable. The actions of the City staff and financial advisors in negotiating the sale of the Bonds are ratified and confirmed in all respects. 1.04. Pricing Committee. The City hereby establishes a pricing committee with respect to the Bonds comprised of the City Administrator, the Finance Director and the Mayor and/or a City Council member designated by the Mayor, (the "Pricing Committee"). The Pricing Committee is authorized and directed, with the advice of the City's financial advisor, Ehlers & Associates, Inc., to (a) review proposals for the sale of the Bonds, (b) award the sale of the Bonds to the prospective purchaser (the "Purchaser") with a proposal conforming to the terms of proposal distributed by the City (including any adjustment in principal amount in an aggregate principal amount not to exceed $8,000,000), offering the lowest true interest cost which shall not exceed 3.5%, and meeting the debt service savings required by Minnesota Statutes, Section 475.67, subdivision 12 and (c) approve the tax levy for the repayment of the Bonds. The City hereby approves the sale of the Bonds to the Purchaser, at the price and at the rates to be determined by the Pricing Committee in accordance with the preceding sentence. Issuance of the Bonds shall be conclusive evidence that the Pricing Committee has determined such price and rates in accordance with this Resolution. 1.05. Credit to Debt Service Fund, Good Faith Check, and Contract with the Purchaser. The amount proposed by the Purchaser in excess of the minimum bid specified in the terms of proposal will be credited to the Debt Service Fund hereinafter created. The City Finance Director is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Mayor and City Finance Director are directed to execute a contract with the Purchaser on behalf of the City. 1.06. Terms of the Bonds and Principal Amounts. The City will forthwith issue and sell the Bonds pursuant to the Municipal Debt Act in the total principal amount not to exceed $8,000,000, originally dated as of their date of issuance, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as determined by the 365125v1 JSB EL185-11 4