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5/18/2026 - City Council - Regular - Agendas* The Consent Agenda lists those items of business which are routine, recommended for approval, and/or which need no discussion. The several separate items listed on the Consent Agenda are acted upon by one motion. There will be no separate discussion of these items unless a Council Member makes a request, in which event the item will be removed from the Consent Agenda and placed elsewhere on the regular agenda for Council discussion and action. ** Under Public Comment, individuals may address the City Council about any item not contained on the regular agenda. Each speaker should keep their statements to three minutes to allow sufficient time for others. The Council will take no official action on items discussed at the forum, except for referral to staff for future report. CITY OF SPRING PARK CITY COUNCIL AGENDA MAY 18, 2026 – 6:00 PM SPRING PARK CITY HALL 1. CALL TO ORDER 2. PLEDGE OF ALLEGIANCE 3. APPROVAL OF AGENDA 4. PUBLIC COMMENT** Those wishing to speak must state their name and address for the record. Each person will have three (3) minutes to make their remarks unless Council allows more time. Speakers will address all comments to the City Council as a whole and not one individual councilmember. The Council may not take action on an item presented during the Public Comment period. When appropriate, the Council may refer inquiries and items brought up during the Public Comment period to the City Administrator for follow-up. 5. REQUESTS & PRESENTATIONS 6. CONSENT AGENDA* a. City Council Minutes – May 4, 2026 b. Approve Payroll, Expenditures, and Claims for Payment c. Appointing Cameron Porter to Planning Commission 7. ACTION AGENDA a. 2026 Bond Issuance: i. Public Hearing ii. Bond Sale Results & Credit Rating b. Resolution #26-12: Spring Park GO Bonds 2026A Resolution c. Resolution #26-13: Spring Park 2026A Abatement Resolution Approving Property Tax Abatements- 200482994-v1 8. REPORTS a. Mayor & Council b. Staff 9. MISCELLANEOUS (INFORMATION ONLY) 10. ANNOUNCEMENTS a. May 25, 2026 – Memorial Day – City Hall Closed b. June 1, 2026 – Regular Council Meeting - 6:00p c. June 10, 2026 – Planning Commission Meeting – 6:00pm d. June 15, 2026 - Regular Council Meeting – 6:00pm e. June 15, 2026 - Council Work Session – 5:00pm 11. ADJOURNMENT All meetings of the Spring Park City Council are video recorded and available for viewing online at www.ci.spring-park.mn.us or Spring Park | Lake Minnetonka Cable Commission (lmcc-tv.org). Work Session minutes are intended to be a general synopsis of the meeting of the City Council. Additional detail regarding discussions and policy considerations is provided by watchin g the recording of the meeting. CITY OF SPRING PARK CITY COUNCIL MINUTES MAY 4, 2026 – 6:00 PM SPRING PARK CITY HALL 1. CALL TO ORDER The meeting was called to order at 6:00pm. Council Present: Mayor Chase, Councilors Horton, Suttle, Sippel and Turner. Staff Present: Administrator Anderson, Planning Chair Hoffman, Planner – Lori Johnson, WSB 2. PLEDGE OF ALLEGIANCE Mayor Chase led the audience to recite the Pledge of Allegiance. 3. APPROVAL OF AGENDA Council Member Horton motioned, being seconded by Council Member Suttle, to approve the agenda as presented. On vote being taken, the motion was unanimously approved. 4. PUBLIC COMMENT - none 5. REQUESTS & PRESENTATIONS - none 6. CONSENT AGENDA* a. City Council & Work Session Minutes – April 20, 2026 b. Approve Payroll, Expenditures, and Claims for Payment c. Cabana Anna’s: Annual Special Event Permit #26-09 d. Res Pyro-Lord Fletcher’s Fireworks Display: Special Event Permit #26-10 Council Member Sippel motioned, being seconded by Council Member Horton, to approve the consent agenda as presented. On vote being taken, the motion was unanimously approved. 7. ACTION AGENDA a. Ordinance #26-01 - Accessory Dwelling Units Council Member Turner motioned, being seconded by Council Member Sippel, to table Ordinance #26-01: Accessory Dwelling Units, until they can gather further information and research from the Planner and the attorney. On vote being taken, the motion was unanimously approved. 8. REPORTS a. Mayor & Council: none b. Staff: none 9. MISCELLANEOUS (INFORMATION ONLY) 10. ANNOUNCEMENTS a. May 13, 2026 – Planning Commission Meeting – 6:00pm b. May 16, 2026 - Spring Park Spring Clean Up Day c. May 18, 2026 – Regular City Council Meeting – 6:00pm d. May 18, 2026 – Council Work Session – 5:00pm All meetings of the Spring Park City Council are video recorded and available for viewing online at www.ci.spring-park.mn.us or Spring Park | Lake Minnetonka Cable Commission (lmcc-tv.org). Work Session minutes are intended to be a general synopsis of the meeting of the City Council. Additional detail regarding discussions and policy considerations is provided by watchin g the recording of the meeting. 11. ADJOURNMENT There being no further discussion, Council Member Sippel motioned, being seconded by Council Member Suttle, to adjourn the meeting at 6:41p.m. On vote being taken, the motion was unanimously approved. Respectfully submitted, Jamie Hoffman, City Clerk *Check Summary Register© CITY OF SPRING PARK 05/14/26 11:03 AM Page 1 Batch: 051826PAY Name Check Date Check Amt 10100 Wells Fargo Bank NA 34685 ABDO LLP 5/14/2026 $950.00 Review transaction & preparations for OSA City 34686 NAVARRE ACE HARDWARE 5/14/2026 $9.59 Purchase of supply for WTP 34687 CARSON, CLELLAND, & SCHRED 5/14/2026 $1,800.00 April 2026 Legal Services - Park Lane 34688 CORE & MAIN LP 5/14/2026 $2,027.65 Purchase of radio readers 34689 ECM PUBLISHERS, INC.5/14/2026 $269.40 Ordinance No. 26-03 34690 EHLERS 5/14/2026 $500.00 Post Issuance Compliance Policy 34691 GOPHER STATE ONE-CALL 5/14/2026 $90.45 2026 Locates - April 34692 JUBILEE FOODS 5/14/2026 $9.88 Water Refills and Office Supplies 34693 LOFFLER COMPANIES, INC.5/14/2026 $39.03 April 26' Copier Usage 34694 METRO COUNCIL ENVIRON SER 5/14/2026 $23,926.17 June 26' Wastewater Treatment Monthly Fee 34695 MNSPECT, LLC 5/14/2026 $11,531.77 April 26' Code Enforcement Services 34696 MOORE ENGINEERING, INC 5/14/2026 $8,678.00 April 2026 ngineering Services - Sunset Drive 34697 CITY OF ORONO 5/14/2026 $19,002.52 May 26' Contracted Services - Public Works 34698 CITY OF ORONO 5/14/2026 $46,422.50 May 26' Contracted Services - Police 34699 REPUBLIC SERVICES, INC 5/14/2026 $1,745.82 April 26' Recycling Services 34700 SOLUTION BUILDERS, INC.5/14/2026 $937.61 April 26' Microsoft Online Services 34701 SUBURBAN RATE AUTHORITY 5/14/2026 $254.00 2026 1st Half Membership Assessment Fee 34702 UNICLEAN CLEANROOM SERVIC 5/14/2026 $130.82 April 26' Rug rental services 34703 VESSCO, INC.5/14/2026 $1,812.15 Injector and Regulator rebuilds in WTP 34704 XCEL ENERGY 5/14/2026 $5,231.45 Electric Usage 03/29/26-04/27/26 Total Checks $125,368.81 10100 Wells Fargo Bank NA 101 GENERAL FUND $79,938.25 201 PUBLIC IMPROV REVOLVING FUND $3,744.00 601 WATER FUND $12,764.40 602 SEWER FUND $28,922.16 $125,368.81 Batch: 051826PAY Page 1 05/14/26 11:04 AMCITY OF SPRING PARK *Check Detail Register© Amount CommentInvoiceCheck #Check Date Vendor Name 10100 Wells Fargo Bank NA 34685 05/14/26 ABDO LLP $950.00 Review transaction & preparations for OSA City Financial Reporting Form Auditing Services 523375E 101-41500-301 $950.00Total 34686 05/14/26 NAVARRE ACE HARDWARE $9.59 Purchase of supply for WTPShop Supplies 352589E 601-49400-215 $9.59Total 34687 05/14/26 CARSON, CLELLAND, & SCHREDER $600.00 April 2026 Legal Services - Park LaneLegal Fees 9631E 101-41600-304 $1,200.00 April 2026 Legal Services - CriminalLegal Fees 9631E 101-42000-304 $1,800.00Total 34688 05/14/26 CORE & MAIN LP $2,027.65 Purchase of radio readersMeters & Supplies V000035226E 601-49400-201 $2,027.65Total 34689 05/14/26 ECM PUBLISHERS, INC. $269.40 Ordinance No. 26-03Ordinance Publication 1095604E 101-41600-353 $269.40Total 34690 05/14/26 EHLERS $500.00 Post Issuance Compliance PolicyOther Miscellaneous 106139E 101-41500-437 $500.00Total 34691 05/14/26 GOPHER STATE ONE-CALL $11.48 2026 Locates - FebContracted Services 6020761E 601-49400-310 $11.47 2026 Locates - FebContracted Services 6020761E 602-49450-310 $33.75 2026 Locates - AprilContracted Services 6040762E 601-49400-310 $33.75 2026 Locates - AprilContracted Services 6040762E 602-49450-310 $90.45Total 34692 05/14/26 JUBILEE FOODS $9.88 Water Refills and Office SuppliesOther MiscellaneousE 101-41500-437 $9.88Total 34693 05/14/26 LOFFLER COMPANIES, INC. $13.01 April 26' Copier UsageOffice Equipment/Rental 5339567E 101-41500-413 $13.01 April 26' Copier UsageOffice Equipment/Rental 5339567E 601-49400-413 $13.01 April 26' Copier UsageOffice Equipment/Rental 5339567E 602-49450-413 $39.03Total 34694 05/14/26 METRO COUNCIL ENVIRON SERVICES $23,926.17 June 26' Wastewater Treatment Monthly FeeMCES Sewer Service Chg 0001205768E 602-49450-327 $23,926.17Total 34695 05/14/26 MNSPECT, LLC $3,808.45 April 26' Residential & Commercial Inspections/Permit Fees/General Fees Plan Check Fees 3741758E 101-42400-305 Batch: 051826PAY Page 2 05/14/26 11:04 AMCITY OF SPRING PARK *Check Detail Register© Amount CommentInvoiceCheck #Check Date Vendor Name $7,258.32 April 26' Residential & Commercial Inspections/Permit Fees/General Fees Contracted Services 3741758E 101-42400-310 $465.00 April 26' Code Enforcement ServicesContracted Services 3742662E 101-42400-310 $11,531.77Total 34696 05/14/26 MOORE ENGINEERING, INC $3,744.00 April 2026 ngineering Services - Sunset DriveSunset Drive - Improv. Pro SIN008960E 201-43100-536 $2,324.00 April 2026 General Engineering ServicesContracted Services SIN008970E 101-41910-310 $2,610.00 April 2026 General Engineering Services - Wellhead Protection Plan Engineering Fees SIN008970E 601-49400-303 $8,678.00Total 34697 05/14/26 CITY OF ORONO $12,161.62 May 26' Contracted Services - Public WorksContracted Services 20142809AE 101-41510-310 $3,420.45 May 26' Contracted Services - Public WorksOrono PW 20142809AE 601-49400-103 $3,420.45 May 26' Contracted Services - Public WorksOrono PW 20142809AE 602-49450-103 $19,002.52Total 34698 05/14/26 CITY OF ORONO $46,422.50 May 26' Contracted Services - PoliceContracted Services 20142809BE 101-42000-310 $46,422.50Total 34699 05/14/26 REPUBLIC SERVICES, INC $1,745.82 April 26' Recycling ServicesContracted Services 0894-007502E 101-42900-310 $1,745.82Total 34700 05/14/26 SOLUTION BUILDERS, INC. $250.33 June 26' Managed IT ServicesIT Technology Support 13749E 101-41500-330 $250.34 June 26' Managed IT ServicesIT Technology Support 13749E 601-49400-330 $250.33 June 26' Managed IT ServicesIT Technology Support 13749E 602-49450-330 $62.21 April 26' Microsoft Online ServicesComputer Support/Supplie 13846E 101-41500-207 $62.20 April 26' Microsoft Online ServicesComputer Support/Supplie 13846E 601-49400-207 $62.20 April 26' Microsoft Online ServicesComputer Support/Supplie 13846E 602-49450-207 $937.61Total 34701 05/14/26 SUBURBAN RATE AUTHORITY $254.00 2026 1st Half Membership Assessment FeeContracted Services 026-1E 101-46000-310 $254.00Total 34702 05/14/26 UNICLEAN CLEANROOM SERVICES $130.82 April 26' Rug rental servicesContracted Services 219335E 101-41900-310 $130.82Total 34703 05/14/26 VESSCO, INC. $1,812.15 Injector and Regulator rebuilds in WTPRepairs/Maint General 101000E 601-49400-400 $1,812.15Total 34704 05/14/26 XCEL ENERGY $107.81 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1275511896E 101-43100-381 $474.66 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277044108E 602-49450-381 $233.40 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277045469E 602-49450-381 $135.20 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277045660E 101-43100-381 Batch: 051826PAY Page 3 05/14/26 11:04 AMCITY OF SPRING PARK *Check Detail Register© Amount CommentInvoiceCheck #Check Date Vendor Name $46.01 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277047924E 101-43100-381 $765.26 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277048445E 101-43100-381 $271.40 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277048477E 602-49450-381 $2,513.78 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277050415E 601-49400-381 $65.27 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277050649E 101-43100-381 $78.43 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277051147E 602-49450-381 $24.49 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277051443E 602-49450-381 $210.58 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277052152E 101-41900-381 $182.76 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277052276E 101-43100-381 $122.40 Electric Usage 03/29/26-04/27/26Utilities/Electric/Gas 1277052480E 602-49450-381 $5,231.45Total 10100 $125,368.81 Fund Summary 10100 Wells Fargo Bank NA 101 GENERAL FUND $79,938.25 201 PUBLIC IMPROV REVOLVING FUND $3,744.00 601 WATER FUND $12,764.40 602 SEWER FUND $28,922.16 $125,368.81 199787233v1 EXTRACT OF MINUTES OF A MEETING CITY COUNCIL OF THE CITY OF SPRING PARK, MINNESOTA HELD: MAY 18, 2026 Pursuant to due call, a regular or special meeting of the City Council of the City of Spring Park, Hennepin County, Minnesota, was duly held at the City Hall on May 18, 2026, at 6:00 P.M., for the purpose, in part of authorizing the issuance and awarding the sale of $4,880,000 General Obligation Bonds, Series 2026A. The following members were present: Mayor Chase, Councilors Horton, Sippel, and Turner; and the following were absent: Council Member Suttle Member __________ introduced the following resolution and moved its adoption: RESOLUTION NO. 26-12 RESOLUTION AUTHORIZING THE ISSUANCE AND AWARDING THE SALE OF $4,880,000 GENERAL OBLIGATION BONDS, SERIES 2026A, PLEDGING FOR THE SECURITY THEREOF NET REVENUES AND TAX ABATEMENTS FOR THE PAYMENT THEREOF A. WHEREAS, the City Council has heretofore determined and declared that it is necessary and expedient to issue $4,880,000 General Obligation Bonds, Series 2026A (the "Bonds" or individually a "Bond"), pursuant to Minnesota Statutes, Chapter 475; and 1. Sections 469.1812 through 469.1815, particularly Section 469.1814, to finance the costs related to the planned implementation of electrical system improvements in coordination with the upcoming Sunset Drive Project (the "Tax Abatement Project"); and 2. Section 444.075 to finance improvements to the municipal water and sanitary sewer systems (the "Utility Improvements"). B. WHEREAS, on the date hereof, following duly published notice thereof, the Council held a public hearing on the proposed abatement to finance the Tax Abatement Project and all persons who wished to speak or provide written information relative to the public hearing were afforded an opportunity to do so; and C. WHEREAS, on the date hereof, the City adopted a resolution (the “Tax Abatement Resolution”) establishing a tax abatement program (the "Tax Abatement Program") pursuant to the provisions of Minnesota Statutes, Sections 469.1812 through 469.1815, with respect to providing for the abatement of property taxes for a period of fifteen (15) years on various properties in the City, as described in Tax Abatement Resolution; and 199787233v1 2 D. WHEREAS, the amount of the property taxes abated are estimated to be at least equal to the principal and interest amount on the Tax Abatement Portion of the Bonds, as hereinafter defined, and pursuant to the provisions of the Tax Abatement Resolution, Bond proceeds are to be expended to provide money to pay for the Tax Abatement Project; and E. WHEREAS, the City owns and operates a municipal water system (the "Water System") and a municipal sanitary sewer system (the "Sewer System", and together with the Water System, the "System") as separate revenue producing public utilities; and F. WHEREAS, the net revenues of the System are pledged to the City's outstanding "System Portion" of General Obligation Bonds, Series 2022A, in the original principal amount of $2,120,000, dated June 30, 2022 (the "Outstanding Utility System Bonds"); and G. WHEREAS, the net revenues of the Sewer System are pledged to the City's outstanding "System Portion" of General Obligation Bonds, Series 2015A, in the original principal amount of $1,820,000, dated March 12, 2015; (the "Outstanding Sewer Bonds"); and H. WHEREAS, the City has retained Ehlers & Associates, Inc., in Minneapolis, Minnesota ("Ehlers"), as its independent municipal advisor for the sale of the Bonds and was 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 I. WHEREAS, the proposals set forth on Exhibit A attached hereto were received by the Finance Clerk, or designee, at the office of Ehlers, at 10:00 A.M. on the date hereof, pursuant to the Preliminary Official Statement for the Bonds, dated May 12, 2026; and J. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Spring Park, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of ___________, _________ (the "Purchaser"), to purchase the Bonds in accordance with the Preliminary Official Statement, at the rates of interest hereinafter set forth, and to pay therefor the sum of $_____________, plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted and the Bonds are hereby awarded to the Purchaser. The Finance Clerk is directed to retain the deposit of the Purchaser. 2. Bond Terms. (a) Original Issue Date; Denominations; Maturities; Term Bond Option. The Bonds shall be dated June 10, 2026, as the date of original issue and 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 February 1 in the years and amounts as follows: 199787233v1 3 Year Amount Year Amount 2028 $ 2036 $ 2029 2037 2030 2038 2031 2039 2032 2040 2033 2041 2034 2042 2035 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) Allocation. The aggregate principal amount of $_________ maturing in each of the years and amounts hereinafter set forth is issued to finance the Tax Abatement Project (the "Tax Abatement Portion" of the Bonds); and the aggregate principal amount of $_______ maturing in each of the years and amounts hereinafter set forth is issued to finance the Utility Improvements (the "Utility Revenue Portion" of the Bonds). Year Tax Abatement Portion Utility Revenue Portion Total 2028 $ $ $ 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 If Bonds are prepaid, the prepayments shall be allocated to the portions of debt service (and hence allocated to the payment of Bonds treated as relating to a particular portion of debt service) as provided in this paragraph. If the source of prepayment moneys is the general fund of the City, or other generally available source, including the levy of taxes, the prepayment may be allocated to any or all portions of debt service in such amounts as the City shall determine. If the source of 199787233v1 4 a prepayment is taxes abated for the Tax Abatement Project, the prepayment shall be allocated to the Tax Abatement Portion of debt service. If the source of a prepayment is excess net revenues of the System pledged to the Utility Improvements, the prepayment shall be allocated to the Utility Revenue Portion of debt service. (c) 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: (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under paragraphs 5 and 10 Authorized Denominations for any Bond shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that Bond. (ii) Upon initial issuance, ownership of the Bonds shall be registered in a bond register maintained by the Bond Registrar (as hereinafter defined) in the name of CEDE & CO., as the nominee (it or any nominee of the existing or a successor Depository, the "Nominee"). (iii) With respect to the Bonds neither the City nor the Bond Registrar shall have any responsibility or obligation to any broker, dealer, bank, or any other financial institution for which the Depository holds Bonds as securities depository (the "Participant") or the person for which a Participant holds an interest in the Bonds shown on the books and records of the Participant (the "Beneficial Owner"). Without limiting the immediately preceding sentence, neither the City, nor the Bond Registrar, shall have any such responsibility or obligation with respect to (A) the accuracy of the records of the Depository, the Nominee or any Participant with respect to any ownership interest in the Bonds, or (B) the delivery to any Participant, any Owner or any other person, other than the Depository, of any notice with respect to the Bonds, including any notice of redemption, or (C) the payment to any Participant, any Beneficial Owner or any other person, other than the Depository, of any amount with respect to the principal of or premium, if any, or interest on the Bonds, or (D) the consent given or other action taken by the Depository as the Registered Holder of any Bonds (the "Holder"). For purposes of securing the vote or consent of any Holder under this Resolution, the City may, however, rely upon an omnibus proxy under which the Depository assigns its consenting or voting rights to certain Participants to whose accounts the Bonds are credited on the record date identified in a listing attached to the omnibus proxy. (iv) The City and the Bond Registrar may treat as and deem the Depository to be the absolute owner of the Bonds for the purpose of payment of the principal of and premium, if any, and interest on the Bonds, for the purpose of giving notices of redemption and other matters with respect to the Bonds, for the purpose of obtaining any consent or other action to be taken by Holders for the purpose of registering transfers with respect to such Bonds, and for all purpose whatsoever. The Bond Registrar, as paying agent 199787233v1 5 hereunder, shall pay all principal of and premium, if any, and interest on the Bonds only to the Holder or the Holders of the Bonds as shown on the bond register, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal of and premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. (v) Upon delivery by the Depository to the Bond Registrar of written notice to the effect that the Depository has determined to substitute a new Nominee in place of the existing Nominee, and subject to the transfer provisions in paragraph 10 hereof, references to the Nominee hereunder shall refer to such new Nominee. (vi) So long as any Bond is registered in the name of a Nominee, all payments with respect to the principal of and premium, if any, and interest on such Bond and all notices with respect to such Bond shall be made and given, respectively, by the Bond Registrar or City, as the case may be, to the Depository as provided in the Letter of Representations to the Depository required by the Depository as a condition to its acting as book-entry Depository for the Bonds (said Letter of Representations, together with any replacement thereof or amendment or substitute thereto, including any standard procedures or policies referenced therein or applicable thereto respecting the procedures and other matters relating to the Depository's role as book-entry Depository for the Bonds, collectively hereinafter referred to as the "Letter of Representations"). (vii) All transfers of beneficial ownership interests in each Bond issued in book- entry form shall be limited in principal amount to Authorized Denominations and shall be effected by procedures by the Depository with the Participants for recording and transferring the ownership of beneficial interests in such Bonds. (viii) In connection with any notice or other communication to be provided to the Holders pursuant to this Resolution by the City or Bond Registrar with respect to any consent or other action to be taken by Holders, the Depository shall consider the date of receipt of notice requesting such consent or other action as the record date for such consent or other action; provided, that the City or the Bond Registrar may establish a special record date for such consent or other action. The City or the Bond Registrar sh all, to the extent possible, give the Depository notice of such special record date not less than fifteen calendar days in advance of such special record date to the extent possible. (ix) Any successor Bond Registrar in its written acceptance of its duties under this Resolution and any paying agency/bond registrar agreement, shall agree to take any actions necessary from time to time to comply with the requirements of the Letter of Representations. (d) Termination of Book-Entry Only System. Discontinuance of a particular Depository's services and termination of the book-entry only system may be effected as follows: (i) The Depository may determine to discontinue providing its services with respect to the Bonds at any time by giving written notice to the City and discharging its responsibilities with respect thereto under applicable law. The City may terminate the 199787233v1 6 services of the Depository with respect to the Bond if it determines that the Depository is no longer able to carry out its functions as securities depository or the continuation of the system of book-entry transfers through the Depository is not in the best interests of the City or the Beneficial Owners. (ii) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute securities depository is willing to undertake the functions of the Depository hereunder can be found which, in the opinion of the City, is willing and able to assume such functions upon reasonable or customary terms, or if the City determines that it is in the best interests of the City or the Beneficial Owners of the Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with paragraph 10. To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 10, the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (d) shall limit or restrict the provisions of paragraph 10. (e) Letter of Representations. The provisions in the Letter of Representations are incorporated herein by reference and made a part of the resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Purposes. The Tax Abatement Portion of the Bonds shall provide funds to finance the Tax Abatement Project. The Utility Revenue Portion of the Bonds shall provide funds to finance the Utility Improvements. The Tax Abatement Project and the Utility Improvements are herein referred to together as the "Project." Pursuant to the Tax Abatement Resolution, the City's share of real estate taxes generated on the property identified in the Tax Abatement Program (the "Tax Abatements") have been pledged to the payment of the Tax Abatement Portion of the Bonds. The principal and interest on the Tax Abatement Portion of the Bonds does not exceed the estimated amount of Tax Abatements, which is $718,000. Proceeds of the Tax Abatement Portion of the Bonds shall be expended on costs or uses permitted by Minnesota Statutes, Sections 469.1812 through 469.1815, and shall not be expended on any costs or devoted to any other uses. The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. The City covenants that it shall do all things and perform all acts required of it to assure that work on the Project proceeds with due diligence to completion and that any and all permits and studies required under law for the Project are obtained. 4. Interest. The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2027, calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years as follows: 199787233v1 7 Maturity Year Interest Rate Maturity Year Interest Rate 2028 % 2036 % 2029 2037 2030 2038 2031 2039 2032 2040 2033 2041 2034 2042 2035 5. Redemption. All Bonds maturing on February 1, 2037 and thereafter, shall be subject to redemption and prepayment at the option of the City on February 1, 2036, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the City; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected registered holder of the Bonds not more than sixty (60) days and not fewer than thirty (30) days prior to the date fixed for redemption. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar prior to giving notice of redemption shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of each such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to th e City and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly authorized in writing) and the City shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of the Bond, without service charge, a new Bond or Bonds having the same stated maturity and interest rate and of any Authorized Denomination or Denominations, as requested by the Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. 6. Bond Registrar. Bond Trust Services Corporation, in Minneapolis, Minnesota, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the City and any successor Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall also serve as paying agent unless and until a successor-paying agent is duly appointed. Principal and interest on the Bonds shall be paid to the 199787233v1 8 registered holders (or record holders) of the Bonds in the manner set forth in the form of Bond and paragraph 12. 7. Form of Bond. The Bonds, together with the Bond Registrar's Certificate of Authentication, the form of Assignment and the registration information thereon, shall be in substantially the form set forth on Exhibit B attached hereto. 8. Execution. The Bonds shall be in typewritten form, shall be executed on behalf of the City by the signatures of its Mayor and City Administrator and be sealed with the seal of the City; provided, as permitted by law, both signatures may be photocopied facsimiles and the corporate seal has been omitted. In the event of disability or resignation or other absence of either officer, the Bonds may be signed by the manual or facsimile signature of the officer who may act on behalf of the absent or disabled officer. In case either officer whose signature or facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of the Bonds, the signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. 9. Authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this resolution unless a Certificate of Authentication on such Bond, substantially in the form set forth on Exhibit B attached hereto, shall have been duly executed by an authorized representative of the Bond Registrar. Certificates of Authentication on different Bonds need not be signed by the same person. The Bond Registrar shall authenticate the signatures of officers of the City on each Bond by execution of the Certificate of Authentication on the Bond and by inserting as the date of registration in the space provided the date on which the Bond is authenticated, except that for purposes of delivering the original Bonds to the Purchaser, the Bond Registrar shall insert as a date of registration the date of original issue of June 10, 2026. The Certificate of Authentication so executed on each Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. 10. Registration; Transfer; Exchange. The City will cause to be kept at the principal office of the Bond Registrar a bond register in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of Bonds and the registration of transfers of Bonds entitled to be registered or transferred as herein provided. Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, the City shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of registration (as provided in paragraph 9) of, and deliver, in the name of the designated transferee or transferees, one or more new Bonds of any Authorized Denomination or Denominations of a like aggregate principal amount, having the same stated maturity and interest rate, as requested by the transferor; provided, however, that no Bond may be registered in blank or in the name of "bearer" or similar designation. At the option of the Holder, Bonds may be exchanged for Bonds of any Authorized Denomination or Denominations of a like aggregate principal amount and stated maturity, upon surrender of the Bonds to be exchanged at the principal office of the Bond Registrar. Whenever any Bonds are so surrendered for exchange, the City shall execute (if necessary), and the Bond 199787233v1 9 Registrar shall authenticate, insert the date of registration of, and deliver the Bonds which the Holder making the exchange is entitled to receive. All Bonds surrendered upon any exchange or transfer provided for in this resolution shall be promptly canceled by the Bond Registrar and thereafter disposed of as directed by the City. All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general obligations of the City evidencing the same debt, and entitled to the same benefits under this resolution, as the Bonds surrendered for such exchange or transfer. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly executed by the Holder thereof or his, her or its attorney duly authorized in writing. The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of any Bond and any legal or unusual costs regarding transfers and lost Bonds. Transfers shall also be subject to reasonable regulations of the City contained in any agreement with the Bond Registrar, including regulations which permit the Bond Registrar to close its transfer books between record dates and payment dates. The Finance Clerk is hereby authorized to negotiate and execute the terms of said agreement. 11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond. 12. Interest Payment; Record Date. Interest on any Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond is registered (the "Holder") on the registration books of the City maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth (15th) day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any such interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given by the Bond Registrar to the Holders not less than ten days prior to the Special Record Date. 13. Treatment of Registered Owner. The City and Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and interest (subject to the payment provisions in paragraph 12) on, such Bond and for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 14. Delivery; Application of Proceeds. The Bonds when so prepared and executed shall be delivered by the Finance Clerk to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 199787233v1 10 15. Fund and Accounts. There is hereby established a special fund to be designated "General Obligation Bonds, Series 2026A Fund" (the "Fund") to be administered and maintained by the Finance Clerk as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. The Operation and Maintenance Account for the Water System and the Operation and Maintenance Account for the Sewer System (collectively, the "Operation and Maintenance Accounts") heretofore established by the City shall continue to be maintained in the manner heretofore and herein provided by the City. All moneys remaining after paying or providing for the items set forth in the resolutions establishing the Operation and Maintenance Accounts shall constitute and are referred to as "net revenues" until the Utility Revenue Portion of the Bonds has been paid. In such records there shall be established accounts of the Fund for the purposes and in the amounts as follows: (a) Construction Account. To the Construction Account there shall be credited the proceeds of the sale of the Bonds, less capitalized interest. From the Construction Account there shall be paid all costs of issuance of the Bonds and all costs and expenses of financing the Project, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65. Moneys in the Construction Account shall be used for no other purpose except as otherwise provided by law; provided that the proceeds of the Bonds may also be used to the extent necessary to pay interest on the Bonds due prior to the anticipated date of commencement of the collection of taxes herein levied or covenanted to be levied; and provided further that if upon completion of the Project there shall remain any unexpended balance in the Construction Account, the balance shall be transferred to the Debt Service Account. (b) Debt Service Account. There shall be maintained separate subaccounts in the Debt Service Account to be designated the "Tax Abatement Project Debt Service Subaccount" and the "Utility Improvements Project Debt Service Subaccount." There are hereby irrevocably appropriated and pledged to, and there shall be credited to the separate subaccounts of the Debt Service Account: (i) Tax Abatement Project Debt Service Subaccount. To the Tax Abatement Project Debt Service Subaccount there shall be credited: (1) Tax Abatements; (2) capitalized interest in the amount of $_________ (together with interest earnings thereon and subject to such other adjustments as are appropriate to provide sufficient funds to pay interest due on the Tax Abatement Portion of the Bonds on or before February 1, 2027; (3) all collections of taxes which may hereafter be levied in the event that the Tax Abatements and other funds herein pledged to the payment of the principal and interest on the Tax Abatement Portion of the Bonds are insufficient therefor; (4) a pro rata share of all funds remaining in the Construction Account after completion of the Tax Abatement Project and payment of the costs thereof; (5) all investment earnings on funds held in the Tax Abatement Project Debt Service Subaccount; and (6) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Tax Abatement Debt Service Subaccount. The amount of any surplus remaining in the Tax Abatement Project Debt Service Subaccount when the Tax Abatement Portion of the Bonds and interest thereon are paid shall be used consistent with Minnesota Statutes, Section 199787233v1 11 475.61, Subdivision 4. The Tax Abatement Project Debt Service Subaccount shall be used solely to pay the principal and interest on the Tax Abatement Portion of the Bonds. (ii) Utility Improvements Project Debt Service Subaccount. To the Utility Improvements Project Debt Service Subaccount there shall be credited: (A) the net revenues of the System not otherwise pledged and applied to the payment of other obligations of the City, in an amount, together with other funds which may herein or hereafter from time to time be irrevocably appropriated to the Utility Improvements Project Debt Service Subaccount, sufficient to meet the requirements of Minnesota Statutes, Section 475.61 for the payment of the principal and interest of the Utility Revenue Portion of the Bonds; (B) all collections of taxes which may hereafter be levied in the event that the net revenues of the System and other funds herein pledged to the payment of the principal and interest on the Utility Revenue Portion of the Bonds are insufficient therefor; (C) a pro rata share of all funds remaining in the Construction Account after completion of the Project and payment of the costs thereof; (D) all investment earnings on funds held in the Utility Improvements Project Debt Service Subaccount; and (E) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Utility Improvements Project Debt Service Subaccount. The Utility Improvements Project Debt Service Subaccount shall be used solely to pay the principal and interest on the Utility Revenue Portion of the Bonds and any other general obligation bonds of the City hereafter issued by the City and made payable from said subaccount as provided by law. No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (1) for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds were issued and (2) in addition to the above in an amount not greater than the lesser of five percent of the proceeds of the Bonds or $100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the Construction Account, Operation and Maintenance Accounts or Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the bonds payable therefrom) in excess of amounts which under then applicable federal arbitrage regulations may be invested without regard to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" or "minor portion" made available under the federal arbitrage regulations. Money in the Fund shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the Internal Revenue Code of 1986, as amended (the "Code"). 16. Covenants Relating to the Tax Abatement Portion of the Bonds. (a) Tax Abatements; Use of Tax Abatements. The City Council has adopted the Tax Abatement Resolution and has thereby approved the Tax Abatements, including the pledge thereof to the payment of principal and interest on the Tax Abatement Portion of the Bonds. The City Council hereby confirms the Tax Abatement Resolution, which is hereby incorporated as though set forth herein. 199787233v1 12 (b) Coverage Test. The Tax Abatements are such that if collected in full they, together with other revenues herein pledged for the payment of the Tax Abatement Portion of the Bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the Tax Abatement Portion of the Bonds. 17. Covenants Relating to the Utility Revenue Portion of the Bonds. (a) Sufficiency of Net Revenues; Coverage Test. It is hereby found, determined and declared that the net revenues of the System are sufficient in amount to pay when due the principal of and interest on the Utility Revenue Portion of the Bonds and the Outstanding Utility System Bonds and a sum at least five percent in excess thereof. The net revenues of the Sewer System are sufficient in amount to pay when due the principal of and interest on the Outstanding Sewer Bonds and a sum at least five percent in excess thereof. The net revenues of the System are hereby pledged on a parity lien with the Outstanding Utility System Bonds and the Outstanding Sewer Bonds and shall be applied for that purpose, but solely to the extent required to meet, together with other pledged sums, the principal and interest requirements of the Utility Portion of the Bonds as the same become due. Nothing contained herein shall be deemed to preclude the City from making further pledges and appropriations of the net revenues of the System for the payment of other or additional obligations of the City, provided that it has first been determined by the City Council that the estimated net revenues of the System will be sufficient in addition to all other sources, for the payment of the Utility Revenue Portion of the Bonds and such additional obligations and any such pledge and appropriation of the net revenues may be made superior or subordinate to, or on a parity with the pledge and appropriation herein. (b) Excess Net Revenues. Net revenues in excess of those required for the foregoing may be used for any proper purpose. (c) Covenant to Maintain Rates and Charges. In accordance with Minnesota Statutes, Section 444.075, the City hereby covenants and agrees with the Holders of the Bonds that it will impose and collect charges for the service, use, availability and connection to the System at the times and in the amounts required to produce net revenues adequate to pay all principal and interest when due on the Utility Revenue Portion of the Bonds. Minnesota Statutes, Section 444.075, Subdivision 2, provides as follows: "Real estate tax revenues should be used only, and then on a temporary basis, to pay general or special obligations when the other revenues are insufficient to meet the obligations." 18. General Obligation Pledge. For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the net revenues of the System appropriated and pledged to the payment of principal and interest on the Utility Revenue Portion of the Bonds, together with other funds irrevocably appropriated to the Utility Improvements Project Debt Service Subaccount herein established, shall at any time be insufficient to pay such principal and interest when due, the City covenants and agrees to levy, without limitation as to rate or amount an ad valorem tax upon all taxable property in the City sufficient to pay such principal 199787233v1 13 and interest as it becomes due. If the balance in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 19. Defeasance. When all Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the registered holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also discharge its obligations with respect to any prepayable Bonds called for redemption o n any date when they are prepayable according to their terms, by depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full, provided that notice of redemption thereof has been duly given. The City may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a suitable banking institution qualified by law as an escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest payable at such times and at such rates and maturing on such dates as shall be required, without regard to sale and/or reinvestment, to pay all amounts to become due thereon to maturity or, if notice of redemption as herein required has been duly provided for, to such earlier redemption date. 20. Compliance With Reimbursement Bond Regulations. The provisions of this paragraph are intended to establish and provide for the City's compliance with United States Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the "reimbursement proceeds" of the Bonds, being those portions thereof which will be used by the City to reimburse itself for any expenditure which the City paid or will have paid prior to the Closing Date (a "Reimbursement Expenditure"). The City hereby certifies and/or covenants as follows: (a) Not later than sixty days after the date of payment of a Reimbursement Expenditure, the City (or person designated to do so on behalf of the City) has made or will have made a written declaration of the City's official intent (a "Declaration") which effectively (i) states the City's reasonable expectation to reimburse itself for the payment of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional description of the property, project or program to which the Declaration relates and for which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the City and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Program"); and (iii) states the maximum principal amount of debt expected to be issued by the City for the purpose of financing the Program; provided, however, that no such Declaration shall necessarily have been made with respect to: (i) "preliminary expendit ures" for the Program, defined in the Reimbursement Regulations to include engineering or architectural, surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not exceed twenty 199787233v1 14 percent of the "issue price" of the Bonds, and (ii) a de minimis amount of Reimbursement Expenditures not in excess of the lesser of $100,000 or five percent of the proceeds of the Bonds. (b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of the Bonds or any of the other types of expenditures described in Section 1.150-2(d)(3) of the Reimbursement Regulations. (c) The "reimbursement allocation" described in the Reimbursement Regulations for each Reimbursement Expenditure shall and will be made forthwith following (but not prior to) the issuance of the Bonds, and not later than three years after the later of (i) the date of the payment of the Reimbursement Expenditure, or (ii) the date on which the Program to which the Reimbursement Expenditure relates is first placed in service. (d) Each such reimbursement allocation will be made in a writing that evidences the City's use of Bond proceeds to reimburse the Reimbursement Expenditure and, if made within 30 days after the Bonds are issued, shall be treated as made on the day the Bonds are issued. Provided, however, that the City may take action contrary to any of the foregoing covenants in this paragraph upon receipt of an opinion of its Bond Counsel for the Bonds stating in effect that such action will not impair the tax-exempt status of the Bonds. 21. Continuing Disclosure. The City is the sole obligated person with respect to the Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2 -12 (the "Rule"), promulgated by the Securities and Exchange Commission (the "Commission") pursuant to the Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the "Undertaking") hereinafter described: (a) to provide or cause to be provided to the Municipal Securities Rulemaking Board, by filing at www.emma.msrb.org, (i) at least annually, its audited financial statements for the most recent fiscal year, and (ii) notice of the occurrence of certain events wi th respect to the Bonds in not more than ten (10) business days after the occurrence of such event, in accordance with the Undertaking; and (b) its covenants pursuant to the Rule set forth in this paragraph and in the Undertaking is intended to be for the benefit of the Holders of the Bonds and shall be enforceable on behalf of such Holders; provided that the right to enforce the provisions of these covenants shall be limited to a right to obtain specific enforcement of the City's obligations under the covenants. The Mayor and City Administrator of the City, or any other officer of the City authorized to act in their place (the "Officers") are hereby authorized and directed to execute on behalf of the City the Undertaking in substantially the form presented to the City Council subject to such modifications thereof or additions thereto as are (i) consistent with the requirements under the Rule, (ii) required by the Purchaser of the Bonds, and (iii) acceptable to the Officers. 22. Certificate of Registration. A certified copy of this resolution is hereby directed to be filed with the with the Auditor/Treasurer of Hennepin County, Minnesota, together with such other information as the Auditor/Treasurer shall require, and there shall be obtained from the 199787233v1 15 Auditor/Treasurer a certificate that the Bonds have been entered in the Auditor/Treasurer's Bond Register. 23. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to bond counsel, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 24. Negative Covenant as to Use of Bond Proceeds and Project. The City hereby covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. 25. Tax-Exempt Status of the Bonds; Rebate. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Bonds, including without limitation (i) requirements relating to temporary periods for investments, (ii) limitations on amounts invested at a yield greater than the yield on the Bonds, and (iii) the rebate of excess investment earnings to the United States if the Bonds (together with other obligations reasonably expected to be issued and outstanding at one time in this calendar year) exceed the small-issuer exception amount of $5,000,000. For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements for governmental units issuing $5,000,000 or less of bonds, the City hereby finds, determines and declares that (i) the Bonds are issued by a governmental unit with general taxing powers; (ii) no Bonds are a private activity bond; (iii) 95% or more of the net proceeds of the Bonds are to be used for local governmental activities of the City (or of a governmental unit the jurisdiction of which is entirely within the jurisdiction of the City); and (iv) the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all entities subordinate to, or treated as one issuer with the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code. 26. Designation of Qualified Tax-Exempt Obligations. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the Bonds are issued after August 7, 1986; (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; 199787233v1 16 (d) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2026 will not exceed $10,000,000; and (e) not more than $10,000,000 of obligations issued by the City during this calendar year 2026 have been designated for purposes of Section 265(b)(3) of the Code; and (f) the aggregate face amount of the Bonds does not exceed $10,000,000. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. 27. Official Statement. The Official Statement relating to the Bonds prepared and distributed by Ehlers is hereby approved and the officers of the City are authorized in connection with the delivery of the Bonds to sign such certificates as may be necessary with respect to the completeness and accuracy of the Official Statement. 28. Payment of Issuance Expenses. The City authorizes the Purchaser to forward the amount of Bond proceeds allocable to the payment of issuance expenses to Wells Fargo Bank, National Association, San Francisco, California, on the closing date for further distribution as directed by Ehlers. 29. Severability. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution 30. Headings. Headings in this resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. The motion for the adoption of the foregoing resolution was duly seconded by member _____________ and, after a full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same: Whereupon the resolution was declared duly passed and adopted. 199787233v1 17 STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF SPRING PARK I, the undersigned, being the duly qualified and acting City Clerk of the City of Spring Park, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council, duly called and held on the date therein indicated, insofar as such minutes relate to authorizing the issuance and awarding the sale of $4,880,000 General Obligation Bonds, Series 2026A. WITNESS my hand on May 18, 2026. _______________________________________ City Clerk 199787233v1 A-1 EXHIBIT A PROPOSALS 199787233v1 A-2 199787233v1 B-1 EXHIBIT B FORM OF BOND UNITED STATES OF AMERICA STATE OF MINNESOTA HENNEPIN COUNTY CITY OF SPRING PARK R-___ $_________ GENERAL OBLIGATION BOND, SERIES 2026A Interest Rate Maturity Date Date of Original Issue CUSIP ____% February 1, 20__ June 10, 2026 REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: THE CITY OF SPRING PARK, HENNEPIN COUNTY, MINNESOTA (the "Issuer" or the "City"), certifies that it is indebted and for value received promises to pay to the registered owner specified above, or registered assigns, unless called for earlier redemption, in the manner hereinafter set forth, the principal amount specified above, on the maturity date specified above, and to pay interest thereon semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2027, at the rate per annum specified above (calculated on the basis of a 360-day year of twelve 30-day months) until the principal sum is paid or has been provided for. This Bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the date of original issue hereof. The principal of and premium, if any, on this Bond are payable upon presentation and surrender hereof at the principal office of Bond Trust Services Corporation, in Minneapolis, Minnesota (the "Bond Registrar"), acting as paying agent, or any successor paying agent duly appointed by the Issuer. Interest on this Bond will be paid on each Interest Payment Date by check or draft mailed to the person in whose name this Bond is registered (the "Holder" or "Bondholder") on the registration books of the Issuer maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth (15th) day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the Holder hereof as of the Regular Record Date, and shall be payable to the person who is the Holder hereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given to Bondholders not less than ten days prior to the Special Record Date. The principal of and premium, if any, and interest on this Bond are payable in lawful money of the United States of America. So long as this Bond is registered in the name of the Depository or its Nominee as provided in the Resolution hereinafter described, and as those terms are defined therein, payment of principal of, premium, if any, and interest on this Bond and notice with respect thereto shall be made as provided in the 199787233v1 B-2 Letter of Representations, as defined in the Resolution, and surrender of this Bond shall not be required for payment of the redemption price upon a partial redemption of this Bond. Until termination of the book-entry only system pursuant to the Resolution, Bonds may only be registered in the name of the Depository or its Nominee. Optional Redemption. All Bonds of this issue (the "Bonds") maturing on February 1, 2037, and thereafter, are subject to redemption and prepayment at the option of the Issuer on February 1, 2036, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the maturities and the principal amounts within each maturity to be redeemed shall be determined by the Issuer; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected registered holder of the Bonds not more than sixty (60) days and not fewer than thirty (30) days prior to the date fixed for redemption. Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or the Holder's attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of the Bond, without service charge, a new Bond or Bonds having the same stated maturity and interest rate and of any Authorized Denomination or Denominations, as requested by the Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal amount of $4,880,000, all of like date of original issue and tenor, except as to number, maturity, interest rate, denomination and redemption privilege, issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council on May 18, 2026 (the "Resolution"), for the purpose of providing money to finance (i) the costs related to the planned implementation of electrical system improvements in coordination with the upcoming Sunset Drive Project and (ii) municipal water and sanitary sewer system improvements, all within the jurisdiction of the Issuer. This Bond is payable out of the General Obligation Bonds, Series 2026A Fund of the Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full payment of its principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. 199787233v1 B-3 Denominations; Exchange; Resolution. The Bonds are issuable solely in fully registered form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully registered Bonds of other Authorized Denominations in equal aggregate principal amounts at the office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file in the office of the Bond Registrar. Transfer. This Bond is transferable by the Holder in person or the Holder's attorney duly authorized in writing at the office of the Bond Registrar upon presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in t he Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized Denomination or Denominations, in aggregate principal amount equal to the principal amount of this Bond, of the same maturity and bearing interest at the same rate. Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. Treatment of Registered Owners. The Issuer and Bond Registrar may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided (except as otherwise provided herein with respect to the Record Date) and for all other purposes, whether or not this Bond shall be overdue, and neither the Issuer nor the Bond Registrar shall be affected by notice to the contrary. Authentication. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security unless the Certificate of Authentication hereon shall have been executed by the Bond Registrar. Qualified Tax-Exempt Obligation. This Bond has been designated by the Issuer as a "qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this Bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law; that the Issuer has covenanted and agreed with the Holders of the Bonds that it will impose and collect charges for the service, use and availability of its municipal water system and the municipal sanitary sewer system (together, the "System") at the times and in amounts necessary to produce net revenues, together with other sums pledged to the payment of the Utility Revenue Portion of the Bonds, as defined in the Resolution, adequate to pay all principal and interest when due on the Utility Revenue Portion of the Bonds; and that the Issuer will levy a direct, annual, irrepealable ad valorem tax upon all of the taxable property of the Issuer, without limitation as to rate or amount, for the years and in amounts sufficient to pay the principal and interest on Utility Revenue Portion of the 199787233v1 B-4 Bonds as they respectively become due, if the net revenues from the System, and any other sums irrevocably appropriated to the Debt Service Account are insufficient therefor; and that this Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof and the date of its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Spring Park, Hennepin County, Minnesota, by its City Council has caused this Bond to be executed on its behalf by the facsimile signatures of its Mayor and its City Administrator, the corporate seal of the Issuer having been intentionally omitted as permitted by law. Date of Registration: BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the Resolution mentioned within. BOND TRUST SERVICES CORPORATION Minneapolis, Minnesota, Bond Registrar By: Authorized Signature Registrable by: BOND TRUST SERVICES CORPORATION Payable at: BOND TRUST SERVICES CORPORATION CITY OF SPRING PARK, HENNEPIN COUNTY, MINNESOTA [DO NOT SIGN THIS FORM OF BOND] Mayor [DO NOT SIGN THIS FORM OF BOND] City Administrator 199787233v1 B-5 ABBREVIATIONS The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UTMA - ___________ as custodian for ______________ (Cust) (Minor) under the _____________________ Uniform (State) Transfers to Minors Act Additional abbreviations may also be used though not in the above list. ___________________________________________________________ ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto ________________________________________________________________ the within Bond and does hereby irrevocably constitute and appoint _________________ attorney to transfer the Bond on the books kept for the registration thereof, with full power of substitution in the premises. Dated:_____________________ ______________________________ Notice: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or any change whatever. Signature Guaranteed: ___________________________ Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges or any other "Eligible Guarantor Institution" as defined in 17 CFR 240.17 Ad-15(a)(2). The Bond Registrar will not effect transfer of this Bond unless the information concerning the transferee requested below is provided. Name and Address: ________________________________________ ________________________________________ ________________________________________ (Include information for all joint owners if the Bond is held by joint account.) 199787233v1 C-1 EXHIBIT C SCHEDULES 200482994v1 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF SPRING PARK, MINNESOTA HELD: MAY 18, 2026 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Spring Park, Hennepin County, Minnesota, was duly held at City Hall on May 18, 2026, at 6:00 P.M., for the purpose, in part, of approving property tax abatements. The following members were present: Mayor Chase, Councilors Horton, Sippel, and Turner; and the following were absent: Council Member Suttle Member ________________ introduced the following resolution and moved its adoption: RESOLUTION NO. 26-13 RESOLUTION APPROVING PROPERTY TAX ABATEMENTS WHEREAS, the City Council (the "Council") of the City of Spring Park, Minnesota (the "City"), proposes to approve tax abatements to finance the costs related to the planned implementation of electrical system improvements in coordination with the upcoming Sunset Drive Project (the "Project"). The City proposes to use the abatement for the purposes provided for in the Abatement Law (as hereinafter defined), including the Project. The proposed term of the abatement will not exceed 15 years in an amount not to exceed $718,000. The abatement will apply to the City's share of the property taxes (the "Abatement") derived from the property described by tax parcel identification numbers in the table below (the "Tax Abatement Property"); and 1711723310049 1711723320009 1711723320008 1711723320001 1711723320002 1711723320003 1711723320062 1711723320063 1711723320011 1711723320012 1711723320013 1711723320014 WHEREAS, on the date hereof, the Council held a public hearing on the question of the Abatement (as hereinafter defined), and notice of said hearing (the "Public Hearing Notice") was published in a newspaper of general circulation in the City at least once more than ten days but less than 30 days before the hearing; and WHEREAS, the Council proposes to issue its general obligation abatement bonds in an amount not to exceed $718,000 to finance the Project; and the Abatement will be pledged to payment of the Bonds; and WHEREAS, the Abatement is authorized under Minnesota Statutes, Sections 469.1812 through 469.1815, as amended (the "Abatement Law"). 200482994v1 2 1. Public Hearing Notice. The Council hereby ratifies the actions of the City Administrator in causing the publication of the Public Hearing Notice to be published in the City's official newspaper as required by law. 2. Findings for the Abatement. The City Council of the City of Spring Park, Minnesota hereby makes the following findings: (a) The Council expects the benefits to the City of the Abatement to at least equal or exceed the costs to the City thereof. (b) Granting the Abatement is in the public interest because it will finance or provide public infrastructure. (c) The Tax Abatement Property is not and will not be located in a tax increment financing district during the Abatement period. (d) In any year, the total amount of property taxes abated by the City by this and other existing abatement resolutions, shall not exceed ten percent (10%) of net tax capacity of the City for the taxes payable year to which the abatement applies or $200,000, whichever is greater (the "Abatement Limit"). The City may grant other abatements permitted under the Abatement Law after the date of this resolution, provided that to the extent the total abatements in any year exceed the Abatement Limit the allocation of the Abatement limit to such other abatements is subordinate to the Abatement granted by this resolution. 3. Terms of Abatement. The Abatement is hereby approved. The terms of the Abatement are as follows: (a) The Abatement shall be for up to 15 years anticipated to commence for the taxes levied in 2026 and payable in the year 2027. The City reserves the right to modify the commencement date, but the abatement period shall not exceed 15 years. (b) In accordance with Section 469.1815 of the Act, the City will add to its levy in each year during the term of the Abatement the total estimated amount of current year Abatement granted under this resolution. (c) The City will abate the City's share of property tax amount which the City receives from the Tax Abatement Property, cumulatively not to exceed $718,000. (d) The Abatement shall be subject to all the terms and limitations of the Abatement Law. The motion for the adoption of the foregoing resolution was duly seconded by Member _____________________________ and, after a full discussion thereof and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: 200482994v1 3 STATE OF MINNESOTA HENNEPIN COUNTY CITY OF SPRING PARK I, the undersigned, being the duly qualified and acting City Clerk of the City of Spring Park, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council, dul y called and held on the date therein indicated, insofar as the minutes relate to the approval of property tax abatements. WITNESS my hand on May 18, 2026. __________________________________ City Clerk Prepared by: Ehlers 3001 Broadway Street, Suite 320 Minneapolis, Minnesota 55413 April 16, 2026 POST-ISSUANCE COMPLIANCE POLICY FOR: The City of Spring Park, Minnesota BUILDING COMMUNITIES. IT’S WHAT WE DO. The City of Spring Park, Minnesota Post-Issuance Debt Compliance Policy The City Council (the “Council”) of The City of Spring Park, Minnesota (the “City”) has chosen, by policy, to take steps to help ensure that all obligations will be in compliance with all applicable federal regulations. This policy may be amended, as necessary, in the future. IRS Background The Internal Revenue Service (“IRS”) is responsible for enforcing compliance with the Internal Revenue Code (the “Code”) and regulations promulgated thereunder (“Treasury Regulations”) governing certain obligations (for example: tax-exempt obligations, Build America Bonds, Recovery Zone Development Bonds and various “Tax Credit” Bonds). The IRS encourages issuers and beneficiaries of such obligations to adopt and implement a post-issuance debt compliance policy and procedures to safeguard against post-issuance violations. SEC Background The Securities and Exchange Commission (“SEC”) is responsible for enforcing compliance with its Rule 15c2-12 (the “Rule”) of the securities act. Issuers and borrowers of municipal securities (referred to as “obligated persons”) generally have a requirement to meet specific continuing disclosure standards set forth in continuing disclosure agreements (“CDA”). Unless the issuer, obligated person, or a specific obligation is exempt from compliance with CDAs, these agreements are entered into at the time of issuance to enable underwriter(s) to comply with the Rule. The Rule sets forth certain obligations of (i) underwriters to receive, review and disseminate official statements of most primary offerings of municipal securities, (ii) underwriters to obtain CDAs from issuers and other obligated persons to provide material event disclosures and annual financial information on a continuing basis, and (iii) broker-dealers to have access to such continuing disclosures in order to make recommendations of municipal securities transactions in the secondary market. The SEC encourages issuers and obligated persons adopt and implement a post-issuance debt compliance policy and procedures to safeguard against Rule violations. When obligations are issued, the CDA commits the issuer or obligated person to provide certain financial and statistical information and material event notices to the public. Issuers and other obligated persons may also choose to provide periodic, voluntary financial information and filings to investors in addition to fulfilling the specific responsibilities delineated in CDAs. It is important to note that issuers and other obligated persons should not give any one investor certain information that is not readily available to all market participants by disseminating information to the marketplace, at large. Issuers and other obligated persons should be aware that any disclosure activities determined to be “communicating to the market” can be subject to regulatory scrutiny. Post-Issuance Debt Compliance Policy Objective The City desires to monitor these obligations to ensure compliance with the IRS Code, Treasury Regulations and the SEC Rule. To help ensure compliance, the City has developed the following policy (the “Post-Issuance Debt Compliance Policy”). The Post-Issuance Debt Compliance Policy shall apply to all obligations, including bonds, notes, loans, lease purchase contracts, lines of credit, commercial paper or any other form of debt that is subject to compliance. Post-Issuance Debt Compliance Policy The Finance Clerk of the City is designated as the City’s agent who is responsible for post-issuance compliance obligations. The Finance Clerk shall assemble all relevant documentation, records and activities required to ensure post-issuance debt compliance as further detailed in corresponding procedures (the “Post-Issuance Debt Compliance Procedures”). At a minimum, the Post-Issuance Debt Compliance Procedures for each qualifying obligation will address the following: 1. General Post-Issuance Compliance 2. General Recordkeeping 3. Arbitrage Yield Restriction and Rebate Recordkeeping 4. Expenditure and Asset Documentation to be Assembled and Retained 5. Miscellaneous Documentation to be Assembled and Retained 6. Additional Undertakings and Activities that Support Sections 1 through 5 above 7. Continuing Disclosure Obligations 8. Compliance with Future Requirements The Finance Clerk shall apply the Post-Issuance Debt Compliance Procedures to each qualifying obligation and maintain a record of the results. Further, the Finance Clerk will ensure that the Post-Issuance Debt Compliance Policy and Procedures are updated on a regular and as needed basis. The Finance Clerk or any other individuals responsible for assisting the Finance Clerk in maintaining records needed to ensure post-issuance debt compliance, are authorized to expend funds as needed to attend training or secure use of other educational resources for ensuring compliance such as consulting, publications, and compliance assistance. Most of the provisions of this Post-Issuance Debt Compliance Policy are not applicable to taxable governmental obligations unless there is a reasonable possibility that the City may refund their taxable governmental obligation, in whole or in part, with the proceeds of a tax-exempt governmental obligation. If this refunding possibility exists, then the City shall treat the taxable governmental obligation as if such issue were an issue of tax-exempt governmental obligations and comply with the requirements of this Post-Issuance Debt Compliance Policy. Private Activity Bonds The City may issue tax-exempt obligations that are “private activity” bonds because either (1) the bonds finance a facility that is owned by the City but used by one or more qualified 501(c)(3) organizations, or (2) the bonds are so-called “conduit bonds”, where the proceeds are loaned to a qualified 501(c)(3) organization or another private entity that finances activities eligible for tax-exempt financing under federal law (such as certain manufacturing projects and certain affordable housing projects). Prior to the issuance of either of these types of bonds, the Finance Clerk shall take steps necessary to ensure that such obligations will remain in compliance with the requirements of this Post-Issuance Debt Compliance Policy. In a case where compliance activities are reasonably within the control of a private party (i.e., a 501(c)(3) organization or conduit borrower), the Finance Clerk may determine that all or some portion of compliance responsibilities described in this Post-Issuance Debt Compliance Policy shall be assigned to the relevant party. In the case of conduit bonds, the conduit borrower will be assigned all compliance responsibilities other than those required to be undertaken by the City under federal law. In a case where the Finance Clerk is concerned about the compliance ability of a private party, the Finance Clerk may require that a trustee or other independent third party be retained to assist with record keeping for the obligation and/or that the trustee or such third party be responsible for all or some portion of the compliance responsibilities. The Finance Clerk is additionally authorized to seek the advice, as necessary, of bond counsel, disclosure counsel, and/or its financial advisor to ensure the City is in compliance with this Post-Issuance Debt Compliance Policy. Adopted this date_________________ by The City of Spring Park, Minnesota Prepared by: Ehlers 3001 Broadway Street, Suite 320 Minneapolis, Minnesota 55413 April 16, 2026 POST-ISSUANCE DEBT PROCEDURES FOR: The City of Spring Park, Minnesota BUILDING COMMUNITIES. IT’S WHAT WE DO. The City of Spring Park, Minnesota Post-Issuance Debt Compliance Procedures The City Council (the “Council”) of The City of Spring Park, Minnesota (the “City”) has adopted the attached Post-Issuance Debt Compliance Policy dated ____. The Post-Issuance Debt Compliance Policy applies to qualifying debt obligations issued by the City. As directed by the adoption of the Post-Issuance Debt Compliance Policy, the Finance Clerk of the City will perform the following Post-Issuance Debt Compliance Procedures for all of the City’s outstanding debt. 1. General Post-Issuance Compliance a. Ensure written procedures and/or guidelines have been established for individuals to follow when more than one person is responsible for ensuring compliance with Post-Issuance Debt Compliance Procedures. b. Ensure training and/or educational resources related to post-issuance compliance have been approved and obtained. c. The Finance Clerk understands that there are options for voluntarily correcting failures to comply with post-issuance compliance requirements (e.g. as remedial actions under Section 1.141-12 of the Treasury Regulations and the ability to enter into a closing agreement under the Tax-Exempt Bonds Voluntary Closing Agreement Program described in Notice 2008-31 (the “VCAP Program”)). 2. General Recordkeeping a. Retain records and documents for the obligation and all obligations issued to refund the obligation for a period of at least seven years following the final payment of the obligation. If an obligation is refunded, then the final payment of the refunding obligation becomes the beginning of the period unless otherwise directed by the City’s bond counsel. b. Retain electronic (preferred) and/or paper versions of records and documents for the obligation. c. General records and documentation to be assembled and retained: i. Description of the purpose of the obligation (i.e. the project or projects) and the state statute authorizing the project. ii. Record of tax-exempt status or revocation of tax-exempt status, if applicable. iii. Any correspondence between the City and the Internal Revenue Service (“IRS”) and SEC. iv. Audited financial statements. v. All accounting audits of property financed by the obligation. vi. Obligation transcripts, official statements, and other offering documents of the obligation. vii. Minutes and resolutions authorizing the issuance of the obligation. viii. Certifications of the issue price of the obligation. ix. Any formal elections for the obligation (i.e. an election to employ an accounting methodology other than the specific tracing method). x. Appraisals, demand surveys, or feasibility studies for property financed by the obligation. xi. All information reports filed for the obligations. xii. All management contracts and other service agreements, research contracts, and naming rights contracts. xiii. Documents related to governmental grants associated with construction, renovation or purchase of property financed by the obligations. xiv. Reports of any prior IRS examinations of the City or the City’s obligations. xv. All correspondence related to the above (faxes, emails, or letters). 3. Arbitrage Yield Restriction and Rebate Recordkeeping a. Investment and arbitrage documentation to be assembled and retained: i. An accounting of all deposits, expenditures, interest income and asset balances associated with each fund established in connection with the obligations. This includes an accounting of all monies deposited to the debt service fund to make debt service payments on the obligations, regardless of the source derived. Accounting for expenditures and assets is described in further detail in Section 4. ii. Statements prepared by Trustee and/or Investment Provider. iii. Documentation of at least quarterly allocations of investments and investment earnings to each obligation. iv. Documentation for investments made with obligation proceeds such as: 1. investment contracts (i.e. guaranteed investment contracts), 2. credit enhancement transactions (i.e. obligation insurance contracts), 3. financial derivatives (e.g. swaps, caps, and collars), and 4. bidding of financial products: a. Investments acquired with obligation proceeds are purchased at fair market value (e.g. three bid safe harbor rule for open market securities needed in advance refunding escrows). b. Computations of the arbitrage yield. c. Computations of yield restriction and rebate amounts including but not limited to: i. Compliance in meeting the “Temporary Period from Yield Restriction Exception” and limiting the investment of funds after the temporary period expires. ii. Compliance in meeting the “Rebate Exception.” 1. qualifying for the “Small Issuer Exception,” 2. qualifying for a “Spending Exception,” a. 6-Month Spending Exception b. 18-Month Spending Exception c. 24-Month Spending Exception 3. qualifying for the “Bona Fide Debt Service Fund Exception,” and 4. quantifying arbitrage on all funds established in connection with the obligation in lieu of satisfying arbitrage exceptions including reserve funds and debt service funds. d. Computations of yield restriction and rebate payments. e. Timely Tax Form 8038-T filing, if applicable. i. Remit any arbitrage liability associated with the obligations to the IRS at each five-year anniversary date of the obligations, and the date in which the obligations are no longer outstanding (redemption or maturity date), whichever comes sooner, within 60 days of said date. f. Timely Tax Form 8038-R filing, if applicable. i. Remit the form after the date in which the obligations are no longer outstanding (redemption or maturity date), whichever comes sooner, within 2 years of said date. g. Procedures or guidelines for monitoring instances where compliance with applicable yield restriction requirements depends on subsequent reinvestment of obligation proceeds in lower yielding investments (e.g. reinvestment in zero coupon SLGS). 4. Expenditure and Asset Documentation to be Assembled and Retained a. Documentation of allocations of obligation proceeds to expenditures (e.g. allocation of proceeds to expenditures for the construction, renovation or purchase of facilities owned and used in the performance of exempt purposes). i. Such allocation will be done not later than the earlier of: 1. eighteen (18) months after the later of the date the expenditures are paid, or the date the projects, if any, that are financed by the obligations are placed in service; or 2. the date sixty (60) days after the earlier of the fifth anniversary of the issue date of the obligations, or the date sixty (60) days after the retirement of the obligations. b. Documentation of allocations of obligation proceeds to issuance costs. c. Copies of requisitions, draw schedules, draw requests, invoices, bills, and cancelled checks related to obligation proceed expenditures during the construction period. d. Copies of all contracts entered into for the construction, renovation or purchase of facilities financed with obligation proceeds. e. Records of expenditure reimbursements incurred prior to issuing obligations for projects financed with obligation proceeds (declaration of official intent/reimbursement resolutions including all modifications). f. List of all facilities and equipment financed with obligation proceeds. g. Depreciation schedules for depreciable property financed with obligation proceeds. h. Documentation that tracks the purchase and sale of assets financed with obligation proceeds. i. Documentation of timely payment of principal and interest payments on the obligations. j. Tracking of all issue proceeds and the transfer of proceeds into the debt service fund as appropriate. k. Documentation that excess earnings from a Reserve Fund are transferred to the Debt Service Fund on an annual basis. Excess earnings are balances in a Reserve Fund that exceed the Reserve Fund requirement. 5. Miscellaneous Documentation to be Assembled and Retained a. Ensure that the projects, while the obligations are outstanding, will avoid IRS private activity concerns. b. The Finance Clerk shall monitor the use of all obligation-financed facilities in order to: i. Determine whether private business uses of obligation-financed facilities have exceeded the de minimus limits set forth in Section 141(b) of the Code as a result of: 1. sale of the facilities; 2. sale of City capacity rights; 3. leases and subleases of facilities including easements or use arrangements for areas outside the four walls (e.g. hosting of cell phone towers); 4. leasehold improvement contracts, licenses, management contracts in which the City authorizes a third party to operate a facility (e.g. cafeteria); 5. research contracts; 6. preference arrangements in which the City permits a third-party preference (e.g. parking in a public parking lot, joint ventures, limited liability companies or partnership arrangements); 7. output contracts or other contracts for use of utility facilities including contracts with large utility users; 8. development agreements which provide for guaranteed payments or property values from a developer; 9. grants or loans made to private entities including special assessment agreements; 10. naming rights agreements; and 11. any other arrangements that provide special legal entitlements to nongovernmental persons. ii. Determine whether private security or payments that exceed the de minimus limits set forth in Section 141(b) of the Code have been provided by nongovernmental persons with respect to such obligation-financed facilities. c. The Finance Clerk shall provide training and educational resources to any City staff that have the primary responsibility for the operation, maintenance, or inspection of obligation-financed facilities with regard to the limitations on the private business use of obligation-financed facilities and as to the limitations on the private security or payments with respect to obligation-financed facilities. d. The City shall undertake the following with respect to the obligations: i. An annual review of the books and records maintained by the City with respect to such obligations. ii. An annual physical inspection of the facilities financed with the proceeds of such obligations, conducted by the Finance Clerk with the assistance of any City staff who have the primary responsibility for the operation, maintenance, or inspection of such obligation-financed facilities. e. Changes in the project that impact the terms or commitments of the obligation are properly documented and necessary certificates or opinions are on file. 6. Additional Undertakings and Activities that Support Sections 1 through 5 above: a. The Finance Clerk will notify the City’s bond counsel, trustee, financial advisor and arbitrage provider of any survey or inquiry by the IRS immediately upon receipt. Usually responses to IRS inquiries are due within 21 days of receipt. Such IRS responses require the review of the above-mentioned data and must be in writing. As much time as possible is helpful in preparing the response. b. The Finance Clerk will consult with the City’s bond counsel, financial advisor and arbitrage provider before engaging in post-issuance credit enhancement transactions (e.g. obligation insurance, letter of credit, or hedging transaction). c. The Finance Clerk will monitor all “qualified tax-exempt debt obligations” (often referred to as “bank qualified” obligations) within the first calendar year to determine if the limit is exceeded, and if exceeded, will address accordingly. For obligations issued during years 2009 and 2010 the limit was $30,000,000. During this period, the limit also applied to pooled financings of the governing body and provides a separate $30,000,000 for each 501 (c)(3) conduit borrower. In 2011 and thereafter it is $10,000,000 unless changed by Congress. d. Identify any post-issuance change to terms of obligations which could be treated as a current refunding of “old” obligations by “new” obligations, often referred to as a “reissuance.” e. The Finance Clerk will consult with the City’s bond counsel prior to any sale, transfer, change in use or change in users of obligation-financed property which may require “remedial action” under applicable Treasury Regulations or resolution pursuant to the VCAP Program. i. A remedial action has the effect of curing a deliberate action taken by the City which results in satisfaction of the private business test or private loan test. Remedial actions under Section 1.141-12(d)(e) and (f) include the redemption of non-qualified obligations and/or the alternative uses of proceeds or the facility (i.e. to be used for another qualified purpose). f. The Finance Clerk will ensure that the appropriate tax form for federal subsidy payments is prepared and filed in a timely fashion for applicable obligations (e.g. direct pay or other tax credit bonds). 7. Continuing Disclosure Obligations a. Identify personnel at the City to be responsible for compliance with continuing disclosure obligations as defined by the Rule, and any covenants of outstanding obligations, and any policies of the City. b. The personnel responsible for compliance may have the ability to assign responsibilities, delegate where appropriate or engage a dissemination agent or third-party service providers to perform all or some of the duties described in this section. The City cannot delegate its compliance responsibilities. c. The City should specify how providers or delegated authorities will be monitored and supervised. d. The City should identify the documents that set forth the respective requirements being monitored at the time of closing of each obligation. e. The City should catalog all outstanding Continuing Disclosure Agreements and other reporting requirements and establish consolidated filing requirements. f. The City should identify the frequency of the actions to be undertaken to ensure compliance, establish a system or filing alerts or reminders to administer the filing and reporting requirements. g. The Finance Clerk for compliance must be made aware of any new outstanding debt, changes to obligation or loan covenants, events of acceleration or default that would materially affect investors. h. The City should review a compliance checklist to verify compliance with CDA and other reporting requirements, at least annually, although it may be advisable to provide more frequent reviews in connection to specific material events. i. The City should monitor for mandatory material events specifically identified in accordance with the Rule and file required notices within 10 days of occurrence. i. Principal and interest payment delinquencies. ii. Non-payment related defaults, if material. iii. Unscheduled draws on debt service reserves reflecting financial difficulties. iv. Unscheduled draws on credit enhancements reflecting financial difficulties. v. Substitution of credit or liquidity providers or their failure to perform. vi. Adverse tax opinion, IRS notices or material events affecting the tax status of the obligation. vii. Modifications to rights of security holders, if material. viii. Obligation calls, if material. ix. Defeasances. x. Release, substitution or sale of property securing repayment of the obligations, if material. xi. Rating Changes. xii. Bankruptcy, insolvency, receivership, or similar event of the obligated person(s). xiii. Merger, consolidation, or acquisition of the obligated person, if material. xiv. Appointment of a successor or additional trustee, or change of name of a trustee, if material. xv. Incurrence of financial obligation of the City, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the City, any of which affect security holders, if material. xvi. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of the financial obligation of the City, any of which reflect financial difficulties. j. In addition to the mandatory material events, the City should review and file any additional or voluntary event notices. k. The City should maintain a catalog of all outstanding obligations whether publicly offered or privately placed, and the terms and conditions that govern default or acceleration provisions, if any. l. Any missed filing requirement should be remedied with a failure to file notice as soon as possible once the late filing is identified and the required information is available to file. m. Sensitive information such as bank accounts and wire information should be redacted from documents prior to posting on EMMA. n. The City needs to monitor for changes in law and regulations that effect continuing disclosure obligations and review disclosure policies and procedures periodically to ensure compliance and consistency with regulations and market expectations. 8. Compliance with Future Requirements a. Take measures to comply with any future requirements issued beyond the date of these Post-Issuance Debt Compliance Procedures which are essential to ensuring compliance with applicable state and federal regulations.