Resolution - #18-121 - 06/26/2018

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therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by Ehlers; and F. WHEREAS, the proposals set forth on Exhibit A attached hereto were received by the Administrator, or designee, at the office of Ehlers, at 10:30 A.M. on the date hereof, pursuant to the Preliminary Official Statement for the Bonds, dated June 14, 2018; and G. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - entry form as hereinafter provided; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of Baird, Milwaukee, Wisconsin (the "Purchaser"), to purchase the Bonds, in accordance with the Preliminary Official Statement established for the Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of $1,195,758.39, plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received, is hereby accepted and the Bonds are hereby awarded to the Purchaser. The Finance Director is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders their good faith checks or drafts. 2. Bond Terms. (a) Original Issue Date; Denominations; Maturities; Term Bond Option. The Bonds shall be dated July 19, 2018, as the date of original issue, shall be issued forthwith on or after such date in fully registered form, shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations") and shall mature on December 15 in the years and amounts as follows: Year Amount Year Amount 2019 $95,000 2024 $120,000 2020 115,000 2025 125,000 2021 115,000 2026 125,000 2022 115,000 2027 125,000 2023 115,000 2028 125,000 As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). (b) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder (the "Depository") will act as securities depository for the Bonds, and to this end: 2 10853171v1