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� <br />EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL <br />CITY OF PEQUOT LAKES, MINNESOTA <br />HELD: June 5, 2012 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Pequot Lakes, Crow Wing County, Minnesota, was duly held at the City Hall on June 5, 2012, <br />at 6:30 P.M. for the purpose in part of authorizing the competitive negotiated sale of the <br />$1,270,000 General Obligation Utility Refunding Bonds, Series 2012A. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,270,000 <br />GENERAL OBLIGATION UTILITY REFUNDING BONDS, SERIES 2012A <br />A. WHEREAS, the City Council of the City of Pequot Lakes, Minnesota (the <br />"City"), has heretofore determined that it is necessary and expedient to issue $1,270,000 General <br />Obligation Utility Refunding Bonds, Series 2012A (the "Bonds") to refund the January 1, 2013 <br />� through January 1, 2040 maturities of the City's General Obligation Bonds, Series 2000A, dated <br />October 18, 2000; and <br />� <br />B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, <br />Minnesota ("Springsted"), as its independent financial advisor and is therefore authorized to sell <br />these obligations by a competitive negotiated sale in accordance with Minnesota Statutes, <br />Section 475.60, Subdivision 2(9); and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot <br />Lakes, Minnesota, as follows: <br />1. Authorization. The City Council hereby authorizes Springsted to solicit proposals <br />for the competitive negotiated sale of the Bonds. <br />2. Meetin�; Proposal Openin�. This City Council shall meet at the time and place <br />specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering <br />sealed proposals for, and awarding the sale of, the Bonds. The proposals shall be received at the <br />offices of Springsted and shall be opened at the time specified in such Terms of Proposal. <br />3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation <br />thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby <br />approved and made a part hereof. <br />4699731v1 <br />