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EXTRACT OF MINUTES OF MEETING <br /> CITY COUNCIL OF THE <br /> CITY OF PEQUOT LAKES,MINNESOTA <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Pequot <br /> Lakes,Minnesota,was duly called and held at City Hall in Pequot Lakes,Minnesota,on Tuesday,October 7, <br /> 2008. <br /> The following members were present: Mayor Malecha,Council Members Nagel,Oraskovich,Ryan, <br /> and Sjoblad. <br /> Council Member Oraskovich introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. 08-30 <br /> RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING <br /> GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2004A, <br /> DATED OCTOBER 27,2004 <br /> WHEREAS,the City Council of the City of Pequot Lakes,Minnesota,issued on behalf of the City of <br /> Pequot Lakes,Minnesota$340,000 General Obligation Improvement Bonds,Series 2004A,dated October 27, <br /> 2004(the "2004A Bonds"), of which$255,000 still remains outstanding; and <br /> WHEREAS,all of the 2004A Bonds maturing on February 1,2010 and thereafter,shall be subject to <br /> redemption and prepayment at the option of the City on February 1,2009 and on any date thereafter at a price <br /> of par plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City <br /> Council of the City of Pequot Lakes,Minnesota on October 5,2004, authorizing the issuance of the 2004A <br /> Bonds (the"2004 Resolution"); and <br /> WHEREAS,the City Council of the City of Pequot Lakes,Minnesota deems it desirable and in the <br /> best interests of the City of Pequot Lakes to call those 2004A Bonds maturing in the year 2010-2015,inclusive, <br /> totaling$225,000 in principal amount, on February 1, 2009, in accordance with the 2004 Resolution; and <br />