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EXTRACT OF MINUTES OF A MEETING OF THE
<br /> CITY COUNCIL OF THE CITY OF PEQUOT LAKES, MINNESOTA
<br /> HELD: JUNE 23, 2009
<br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
<br /> of Pequot Lakes, Crow Wing County, Minnesota, was duly held at the City Hall on June 23,
<br /> 2009, at 6:30 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of
<br /> $110,000 Taxable Library Revenue Bonds, Series 2009A and 2009B.
<br /> The following members were present: Mayor Adams, Council Members Malecha, Ryan,
<br /> Nagel, and Sjoblad
<br /> and the following were absent:None
<br /> Member Sjoblad introduced the following resolution and moved its adoption:
<br /> RESOLUTION 09-17
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
<br /> $110,000 TAXABLE LIBRARY REVENUE BONDS, SERIES 2009A AND 2009B
<br /> A. WHEREAS, the City Council of the City of Pequot Lakes, Minnesota (the
<br /> "City"), has heretofore determined and declared that it is necessary and expedient to issue its
<br /> $50,000 Taxable Library Revenue Bond, Series 2009A (the "Series 2009A Bond") and its
<br /> $60,000 Taxable Library Revenue Bonds, Series 2009B (the"Series 2009B Bonds"and,together
<br /> with the Series 2009A Bond, the "Bonds" or individually, a "Bond"), pursuant to Minnesota
<br /> Statutes, Chapter 475, finance the acquisition of a new library(the"Project"); and
<br /> B. WHEREAS, the Bonds will be repaid from donations to the City specifically for
<br /> the library which are not required by the donor to be used for a purpose other than repayment of
<br /> the bonds or the acquisition of the library building and, with respect to the Series 2009A
<br /> Bond only, amounts held in the City's Library Endowment Fund; and
<br /> C. WHEREAS, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2(2),
<br /> the City is authorized to negotiate the sale of the Bonds without public sale because the principal
<br /> amount of the Bonds, when added to the principal amount of all other obligations of the City (if
<br /> any) which have been negotiated in like manner within the twelve month period preceding the
<br /> actual date of issuance of the Bonds, does not and will not exceed$1,200,000.
<br /> NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Pequot
<br /> Lakes, Minnesota, as follows:
<br /> 1. Acceptance of Offer. The offer of the purchasers as set forth in Exhibit A
<br /> (collectively, the "Purchasers") to purchase the Bonds at the rate of interest hereinafter set forth,
<br /> if applicable, and to pay therefor the sum of par, is hereby accepted.
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