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EXTRACT OF MINUTES OF A MEETING <br /> OF THE CITY COUNCIL <br /> CITY OF PEQUOT LAKES, MINNESOTA <br /> HELD: June 5, 2012 <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 5, 2012, <br /> at 6:30 P.M. for the purpose in part of authorizing the competitive negotiated sale of the <br /> $1,270,000 General Obligation Utility Refunding Bonds, Series 2012A. <br /> The following members were present: Mayor Adams, Council Member Akerson, Council <br /> Member Malecha, Council Member Ryan, and Council Member Sjoblad <br /> and the following were absent: None <br /> Council Member Ryan introduced the following resolution and moved its adoption: <br /> RESOLUTION 12-17 <br /> RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,270,000 <br /> GENERAL OBLIGATION UTILITY REFUNDING BONDS, SERIES 2012A <br /> A. WHEREAS,the City Council of the City of Pequot Lakes, Minnesota(the <br /> "City"), has heretofore determined that it is necessary and expedient to issue $1,270,000 General <br /> Obligation Utility Refunding Bonds, Series 2012A (the "Bonds")to refund the January 1, 2013 <br /> through January 1, 2040 maturities of the City's General Obligation Bonds, Series 2000A, dated <br /> October 18, 2000; and <br /> B. WHEREAS,the City has retained Springsted Incorporated, in Saint Paul, <br /> Minnesota("Springsted"), as its independent financial advisor and is therefore authorized to sell <br /> these obligations by a competitive negotiated sale in accordance with Minnesota Statutes, <br /> Section 475.60, Subdivision 2(9); and <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot <br /> Lakes, Minnesota, as follows: <br /> 1. Authorization. The City Council hereby authorizes Springsted to solicit proposals <br /> for the competitive negotiated sale of the Bonds. <br /> 2. Meeting; Proposal Opening. This City Council shall meet at the time and place <br /> specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering <br /> sealed proposals for, and awarding the sale of, the Bonds. The proposals shall be received at the <br /> offices of Springsted and shall be opened at the time specified in such Terms of Proposal. <br /> 4699731v1 <br />