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EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF PEQUOT LAKES, MINNESOTA <br />HELD: February 3, 2014 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Pequot Lakes, Crow Wing County, Minnesota, was duly called and held at the City <br />Hall on February 3, 2014, at 6:30 P.M., for the purpose, in part, of authorizing the issuance and <br />awarding the sale of $193,000 General Obligation Equipment Certificates, Series 2014A. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION NO. <br />PROVIDING FOR THE ISSUANCE AND SALE OF $193,000 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES, SERIES 2014A AND LEVYING A TAX FOR THE <br />PAYMENT THEREOF <br />A. WHEREAS, the City of Pequot Lakes, Minnesota (the "City"), has heretofore <br />determined and declared that it is necessary and expedient to issue $193,000 General Obligation <br />Equipment Certificates, Series 2014A (the "Certificates" or, individually, a"Certificate"), <br />pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance <br />the acquisition of capital equipment for the City (the "Project"); and <br />B. WHEREAS, each item of equipment to be financed by the Certificates has an <br />expected useful life at least as long as the term of the Certificates; and <br />C. WHEREAS, the principal amount of the Certificates does not exceed one-quarter <br />of one percent (0.25%) of the market value of the taxable property in the City ($229,036,000 <br />times 0.25% is $572,590); and <br />D. WHEREAS, no other obligations have been sold pursuant to a private sale within <br />the last twelve calendar months of the date hereof which when combined with this issue would <br />exceed the $1,200,000 limitations on negotiated sales as required by Minnesota Statutes, Section <br />475.60, Subdivision 2(2); and; and <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Pequot Lakes, <br />Minnesota, as follows: <br />1. Acceptance of Offer. The offer of Lakes State Bank, Pequot Lakes, Minnesota, to <br />purchase the Certificates and to pay therefor the sum of $193,000, all in accordance with the <br />terms and at the rate of interest hereinafter set forth, is hereby accepted. <br />s9400�s�i <br />