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<br />D. WHEREAS, the City engaged Northland Securities, Inc., ("Northland <br />Securities") to solicit proposals to purchase the bonds pursuant to Minnesota Statutes, Section <br />475.60; and <br /> <br />E. WHEREAS, the proposals set forth on Exhibit A attached hereto were received <br />by Northland Securities; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City as follows: <br /> <br />1. Sale of Bonds: Purnose. <br /> <br />1.01. The proposal of Robert W. Baird and Company, Inc. (the "Purchaser") to <br />purchase the Bonds (or individually, a "Bond") in accordance with the terms established for the <br />Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of $3,693,595.00, <br />plus interest accrued to the date of delivery of the Bonds, is hereby found, determined and <br />declared to be the most favorable proposal received and is hereby accepted, and the Bonds are <br />hereby awarded to said Purchaser. <br /> <br />1.02. The Bonds shall be titled "General Obligation Taxable Improvement Bonds, <br />Series 2009A (Build America Bonds)", shall be dated August I, 2009, as the date of original <br />issue and shall be issued forthwith on or after such date as fully registered bonds. The City <br />assumes no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the <br />correctness of any CUSIP numbers printed thereon. The City will permit such numbers to be <br />printed on the Bonds at the expense of the Purchaser, provided, that the City shall not be <br />responsible for any delay in delivery of the Bonds occasioned thereby. The Bonds shall be <br />numbered from R-I upward in the denomination of $5,000 each or in any integral multiple <br />thereof of a single maturity (the "Authorized Denominations"). The Bonds shall mature on <br />February I in the years and amounts as follows: <br /> <br />Year <br /> <br />Amount <br /> <br />Year <br /> <br />Amount <br /> <br />2012 <br />2013 <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br /> <br />$130,000 <br />$135,000 <br />$260,000 <br />$265,000 <br />$265,000 <br />$270,000 <br />$280,000 <br /> <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />2025 <br /> <br />$290,000 <br />$300,000 <br />$300,000 <br />$300,000 <br />$300,000 <br />$310,000 <br />$310,000 <br /> <br />1.03. The Bonds shall provide funds to fmance the cost of constructing the Project. <br /> <br />1.04. The Bonds shall bear interest payable semiarmually on February 1 and August 1 <br />of each year (each, an "Interest Payment Date") commencing on August 1,2010, calculated on <br />the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the <br /> <br />2 <br />