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EXTRACT OF MINUTES OF A MEETING <br /> CITY COUNCIL OF THE <br /> CITY OF PEQUOT LAKES, MINNESOTA <br /> HELD: Apri17, 2020 <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 held at the City Hall on <br /> Apri17, 2020, at 6:30 P.M., for the purpose, in part, of authorizing the issuance and the sale of a <br /> $2,098,000 General Obligation Utility Revenue and Disposal System Bond, Series 2020A. <br /> The following members were present: <br /> and the following were absent: <br /> Member introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. 20- <br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND THE SALE OF A $2,098,000 <br /> GENERAL OBLIGATION UTILITY REVENUE AND DISPOSAL SYSTEM BOND, SERIES <br /> 2020A AND PLEDGING FOR THE SECURITY THEREOF NET REVENUES AND <br /> LEVYING A TAX FOR THE PAYMENT THEREOF <br /> A. WHEREAS, the City of Pequot Lakes, Minnesota (the "City"), owns and operates <br /> a municipal water system{the"Water System") and a municipal sanitary sewer system (the <br /> "Sewer System" and together with the Water System, the "Utility System") as separate revenue <br /> producing public utilities; <br /> B. WHEREAS, the net revenues of the Utility System are pledged to the City's <br /> outstanding General Obligation Utility Refunding Bonds, Series 2012A, dated August 1, 2012, in <br /> the original principal amount of$1,270,000 (the "Outstanding Utility Bonds"); and <br /> C. WHEREAS,the City Council has heretofore determined and declared that it is <br /> necessary and expedient to issue a$2,098,000 General Obligation Utility Revenue and Disposal <br /> System Bond, Series 2020A (the "Bond"),pursuant to Minnesota Statutes, Chapter 475 and <br /> Section 444.075, to finance various improvements to the Utility System (the "Utility <br /> Improvements") and pursuant to Minnesota Statutes, Chapter 475 and Sections 115.46 and <br /> 444.075, to finance various improvements to the Sewer System (the "Disposal System <br /> Improvements"); and <br /> D. WHEREAS, the City has retained David Drown Associates, Inc., in Minneapolis, <br /> Minnesota("David Drown"), as its independent financial advisor for the sale of the Bond and <br /> was therefore authorized to sell the Bond by private negotiation in accordance with Minnesota <br /> Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bond have been <br /> solicited by Robert W. Baird & Co., Incorporated, as placement agent; and <br /> 12492107v1 <br />