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Council member IPr►4ap introduced the following written resolution and moved its adoption: RESOLUTION NO. 4 RESOLUTION AWARDING SALE OF $15,350,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2021A, FIXING THE FORM AND SPECIFICATIONS THEREOF, PROVIDING FOR THEIR EXECUTION AND DELIVERY, AND LEVYING TAXES FOR THEIR PAYMENT BE IT RESOLVED by the City Council (the "City Council") of the City of Orono (the "City"), Minnesota, as follows: AUTHORIZATION AND SALE 1.01. Authorization and Purpose. At a meeting held on November 8, 2021, this Council determined to sell and issue its general obligation bonds of the City in the total aggregate principal amount of approximately $15,350,000 (as more fully described herein, the "Bonds"). The Bonds are being issued to finance various capital improvement projects identified in the City's 2022 to 2026 Supplemental Capital Improvement Plan adopted November 8, 2021 (the "Plan") pursuant to Minnesota Statutes, Section 475.521. In the Terms of Offering (the "Terms of Offering"), the City reserved the right, after proposals were opened and prior to award, to increase or decrease the principal amount of the Bonds offered for sale or the amount of any individual maturity, with the increase or decrease to occur in multiples of $5,000 in any of the maturities. The Terms of Offering are hereby ratified and confirmed in all respects and are incorporated herein by reference as though fully specified in this Article. 1.02. Sale. The City Council, having been advised by Ehlers and Associates, Inc., its independent municipal advisor (the "Municipal Advisor"), authorized its Municipal Advisor to solicit proposals on behalf of the City for the sale of the Bonds (as defined below) on a competitive basis without requirement of published notice, all in accordance with Minnesota Statutes, Section 475.60, Subdivision 2. The City Council has publicly received and considered all proposals presented in conformity with the Terms of Offering. The most favorable of such proposals is ascertained to be that of Robert W. Baird & Co., Inc. (the "Purchaser") to purchase the Bonds at a price of $15,831,247.04 plus interest accrued to settlement, and upon the further terms and conditions set forth in the Terms of Offering and this resolution. The proposal of the Purchaser is hereby accepted and the sale of the Bonds is hereby awarded to the Purchaser. 1.03. Execution of Documents; Good Faith Deposit. The Mayor, the City Administrator, City Clerk and the Finance Director (including anyone authorized to act on his or her behalf, the "Authorized Officers"), or each individually, is authorized and directed to endorse an acceptance on both copies of the most favorable proposal and to send one copy to the Purchaser. 4854-7635-7637.2