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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 7, 2017 <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 7,2017, at 6:30 P.M., for the purpose, in part, of authorizing the issuance and <br /> awarding the sale of a$135,000 General Obligation Equipment Certificate, Series 2017A. <br /> The following members were present: Mayor Nancy Adams, Council Members Jerry <br /> Akerson, Randy Loukota, Scott Pederson, and Mimi Swanson and the following were absent: <br /> None. <br /> Member Jerry Akerson introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. 17-06 <br /> PROVIDING FOR TI�ISSUANCE AND SALE OF A $135,000 GENERAL OBLIGATION <br /> EQUIPMENT CERTIFICATE, SERIES 2017A AND LEVYING A TAX FOR THE <br /> PAYMENT THEREOF <br /> A. WHEREAS,the CiTy of Pequot Lakes, Minnesota(the "City"),has heretofore <br /> detemuned and declared that it is necessary and expedient to issue a$135,000 General <br /> �" Obligation Equipment Certificate, Series 2017A(the "Certificate"),pursuant to Minnesota <br /> Sta.tutes, Chapter 475 and Minnesota.Sta.tutes, Section 412.301,to fmance the acquisition of <br /> capital equipment for the City(the "Equipment"); and <br /> B. WHEREAS,each item of equipment to be financed by the Certificate has an <br /> expected useful life at least as long as the term of the Certificate; and <br /> C. WHEREAS,the principal amount of the Certificate to be issued does not exceed <br /> one-quarter of one percent(0.25%) of the estimated market value of the taxable property in the <br /> City; 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.Sta.tutes, Section <br /> 475.60, Subdivision 2(2); 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 First National Bank North, Pequot Lakes, <br /> Minnesota,to purchase the Certificate and to pay therefor the sum of$135,000, all in accordance <br /> with the terms and at the rate of interest hereinafter set forth, is hereby accepted. <br /> � <br /> 8126692v1 <br />