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<br />EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL
<br />CITY OF PEQUOT LAKES, MINNESOTA
<br />HELD: July 10, 2012
<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 />July 10, 2012, at 7:00 p.m., for the purpose in part of awarding the sale of $1,270,000 General
<br />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 ISSUANCE AND SALE OF $1,270,000 GENERAL
<br />OBLIGATION UTILITY REFUNDING BONDS, SERIES 2012A AND PLEDGING FOR THE
<br />SECURITY THEREOF NET REVENUES
<br />A. WHEREAS, the City of Pequot Lakes, Minnesota (the "City"), owns and operates
<br />a municipal water system as a separate revenue producing public utility (the "System") and the
<br />net revenues of the System are pledged to the payment of the City's outstanding $1,535,000
<br />� original principal amount of General Obligation Bonds, Series 2000A, dated October 18, 2000
<br />(the "Prior Bonds"); and
<br />B. WHEREAS, the City Council deems it desirable and in the best interests of the
<br />City to provide moneys for a current refunding of $1,325,604 aggregate principal amount of the
<br />Prior Bonds which mature on and after February 1, 2013, by calling them for redemption and
<br />prepayment on October 1, 2012 (the "Call Date"), all in accordance with the provisions of the
<br />resolution of the City Council adopted on August 1, 2000, authorizing the issuance of the Prior
<br />Bonds (the "Prior Resolution"); and
<br />C. WHEREAS, the refunding of the Prior Bonds is necessary and desirable for the
<br />reduction of debt service cost to the City; and
<br />D. WHEREAS, the City Council hereby determines and declares that it is necessary
<br />and expedient to issue $1,270,000 General Obligation Utility Refunding Bonds, Series 2012A
<br />(the "Bonds" or individually, a"Bond"), pursuant to Minnesota Statutes, Chapters 444 and 475 to
<br />provide moneys to currently refund the Prior Bonds on the Call Date; and
<br />E. WHEREAS, other than the Prior Bonds there are no other obligations of the City,
<br />which would constitute a lien upon net revenues of the System; and
<br />F. WHEREAS, the City has retained Springsted Incorporated, in St. Paul, Minnesota
<br />("Springsted"), as its independent financial advisor for the sale of the Bonds and was therefore
<br />`., authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes,
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