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EXTRACT OF MINUTES OF A MEETING OF THE <br /> CITY COUNCIL OF THE <br /> CITY OF PEQUOT LAKES, MINNESOTA <br /> HELD: March 5, 2020 <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Pequot Lakes, <br /> Crow Wing County, Minnesota, was duly held at the City Hall in said City on the 5th day of March, 2020, <br /> beginning at 6:30 o'clock P.M. for the purpose, in part, of authorizing the competitive negotiated sale of <br /> $2,115,000 General Obligation Utility Revenue and Disposal System Bonds, Series 2020A, of said City. <br /> The following Council members were present: <br /> And the following were absent: <br /> Council member introduced the following resolution and moved its adoption: <br /> RESOLUTION #20- <br /> RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF <br /> $2,115,000 GENERAL OBLIGATION UTILITY REVENUE AND DISPOSAL SYSTEM BONDS <br /> SERIES 2020A <br /> A. WHEREAS, the City Council of the City of Pequot Lakes, Minnesota (the "City"), <br /> has heretofore determined that it is necessary and expedient to issue the City's$2,115,000 General <br /> Obligation Utility Revenue and Disposal System Bonds, Series 2020A(the "Bonds"), to provide financing <br /> for the 2020 Utility Project; and <br /> B. WHEREAS, the City has retained David Drown Associates, Inc., in Minneapolis, <br /> Minnesota ("David Drown"), as its independent municipal advisor for the Bonds and is therefore <br /> authorized to sell the Bonds by a competitive negotiated sale in accordance with Minnesota Statutes, <br /> Section 475.60, Subdivision 2(9): <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot Lakes, <br /> Minnesota, as follows: <br /> 1. Authorization. The Council hereby authorizes David Drown to solicit bids for the <br /> competitive negotiated sale of the Bonds. <br /> 2. Meetinq; Bid Openina. The Council shall meet at the time and place specified in the <br /> Terms of Offering attached hereto as Exhibit A for the purpose of considering sealed bids for, and <br /> awarding the sale of, the Bonds. The City Administrator, or designee, shall open bids at the time and <br /> place specified in such Terms of Offering. <br /> 3. Terms of Offerinq. The terms and conditions of the Bonds and the negotiation <br /> thereof are fully set forth in the "Terms of Offering"attached hereto as Exhibit A and hereby approved and <br /> made a part hereof. <br /> 4. Official Statement. In connection with said competitive negotiated sale, the officers <br /> or employees of the City are hereby authorized to cooperate with David Drown and participate in the <br />