06.04 - Resolution for Sale of Bonds

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� a EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PEQUOT LAKES, MINNESOTA HELD: OCTOBER 5, 2004 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Pequot Lakes, Crow Wing County, Minnesota, was duly held at the City Hall on October 5, 2004, at 6:00 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of$340,000 General Obligation Improvement Bonds, Series 2004A. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION NO. 04- RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $340,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2004A, AND PLEDGING SPECIAL ASSESSMENTS FOR THE SECURITY THEREOF AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS,the City Council of the City of Pequot Lakes, Minnesota(the "City"), has heretofore determined and declared that it is necessary and expedient to issue $340,000 General Obligation Improvement Bonds, Series 2004A (the 'Bonds" or individually, a "Bond"),pursuant to Minnesota Statutes, Chapters 429 and 475,to finance the construction of various public improvements to the Industrial Park located within the City (the "Improvements"); and B. WHEREAS, the Improvements and all their components have been ordered prior to the date hereof, after a hearing thereon for which notice was given describing the Improvements or all their components by general nature, estimated cost, and area to be assessed; and C. WHEREAS, the City has retained Ehlers& Associates, Inc., in Roseville, Minnesota('Ehlers"), as its independent financial advisor for the sale of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by Ehlers; and