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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: May 4, 2010
<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 May 4, 2010, at 6:30 P.M., for the purpose, in part, of authorizing the issuance and
<br />awarding the sale of $115,000 General Obligation Equipment Certificates, Series 2010A.
<br />The following members were present: Mayor Adams, Council Members Ryan and
<br />Sjoblad
<br />and the following were absent: Council Members Nagel and Malecha
<br />Member Sjoblad introduced the following resolution and moved its adoption:
<br />RESOLUTION NO. 10 -13
<br />PROVIDING FOR THE ISSUANCE AND SALE OF $115,000 GENERAL OBLIGATION
<br />EQUIPMENT CERTIFICATES, SERIES 2010A 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 $115,000 General Obligation
<br />Equipment Certificates, Series 2010A (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 ($287,330,700
<br />times 0.25% is $718,327); 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 $115,000, all in accordance with the
<br />terms and at the rate of interest hereinafter set forth, is hereby accepted.
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