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City of 2-4 *kdp%4� k =:: 0 d=w Pdver abw� Resolution 14- 39 A Resolution of the City of Elk River Awarding the Sale of$10,000,000 City of Elk River, Minnesota General Obligation Sewer Revenue Bonds, Series 2014B; Fixing their Form and Specifications; Directing their Execution and Delivery; and Providing for their Payment WHEREAS, Pursuant to Minnesota Statutes, Section 444.075 and Chapter 475, as amended (together, the"Act"), the Ci", is authorized to issue obligations in order to finance a wastewater facility improvement project VVIthiri the City (the"Project"). NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City") as follows: Section 1, Sale of Bonds. 1.01. Award to the Purchaser and Interest Rates. The proposal of FTN Financial Capital Markets of Memphis, Tennessee (the "Purchaser") to purchase the Bonds of the City is found and determined to be a reasonable offer and is accepted, the proposal being to purchase the General Obligation Sewer Revenue Bonds, Series 2014B (the "Bonds") at a price of $10,036,220.65 (par amount of $10,000,000, plus original Issue preiniurn of $102,780.65, less underwriter's discount of $66,560-00),plus accrued interest, for Bonds hearing interest as follows: Year Interest Rate Year Interest Rate 2016 2.00% 2025 150% 2017 100 2026 2.75 2018 2.00 2027 3.00 2019 2,00 2028 3.00 2020 2.00 2029 3.00 2021 2.00 2030 3.25 2022 2.00 2034 3,40 2023 2.50 2035 150 2024 2.50 1.02. Purchase Contract. Any original issue pren-iiurn and any, rounding amount shall be credited to the Debt Service Fund hereinafter created, or deposited in the Construction Fund under Section 4.01 hereof, as determined by the City's financial advisor and the City Finance Director. 'rhe City Finance Director is directed to retain the good faith check of the Purchaser, pending 445655v4 JS13 EIA 85-27