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RESOLUTION NO.2018- 18 <br />A RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 2018A, IN THE <br />ORIGINAL AGGREGATE PRINCIPAL :AMOUNT OF $6.05,.000; <br />FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING <br />THEIR EXECUTION .AND DELIVERY; AND PROVIDING FOR <br />THEIR PAYMENT <br />BE IT RESOLVED By the City Council. of the City of Gen .Lake, Ramsey County, Minnesota <br />(the "City") as: follows: <br />Section L Sale of Bonds. <br />1,0 T. Authority;_ Bonds:. <br />(a) Certain assessable public improvements within. the City, including .but not <br />limited. to various street and utility improvements designated as the 2018 Scheuneman Road <br />Reconstruction Project (the "201.8 Assessable Improvements" ), have been made, duly ordered or <br />contracts: let for the construction thereof pursuant to. the provisions of Minnesota Statutes, <br />Chapters 429 and 475, as amended (collectively, the "Act"), <br />(b) The City. Council finds it necessary and expedient to the sound. financial <br />management of the affairs .of the City to issue its General Obligation Improvement Bonds.,. <br />Series 2018A (the "Bonds"),.in the original aggregate principal amount of $605,0001 pursuant to <br />F. the Act to provide financing far the 2018 Assessable Improvements. <br />(d) The City is authorized by Section 475.60, . subdivision 2(9) of the Act to <br />negotiate the sale. of the Bonds, it being. determined that the City has retained an independent <br />municipal advisor in connection with such sale, The actions of the City staff and. the City's <br />.municipal advisor in negotiating. the sale of the goads are ratified and conf rrhod in all .aspects. <br />1.02. Award to the Purchaser and Interest Rates. The proposal of ; <br />(the "Purchaser"), to.purchase the Bonds. is hereby found and determined <br />to be a reasonable..offer and is hereby accepted, the.: proposal being. to purchase the. Bonds at a price of <br />$ (par amount of $6053000M, plus original issue premium of $ , Iess underwriter's <br />discount of $� j, plus accrued interest to date of delivery, if any, for Bonds bearing interest as <br />follows: <br />Year of Interest Rate. <br />Year of <br />Maturity. <br />Maturity <br />2020 % <br />2029 <br />2021 <br />2029 <br />2022 <br />2030 <br />2023 <br />2031 <br />2024 <br />2032 <br />2.025 <br />2033 <br />2026 <br />2034 <br />Interest .Rate. <br />526486v1 GAr.GE190-14 2 <br />