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EXTRACT OF MINUTES OF A MEETING
<br /> OF THE CITY COUNCIL OF THE
<br /> CITY OF PEQUOT LAKES, MINNESOTA
<br /> HELD: May 4, 2010
<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 called and held at the City
<br /> Hall on May 4, 2010, at 6:30 P.M., for the purpose, in part, of authorizing the issuance and
<br /> awarding the sale of$115,000 General Obligation Equipment Certificates, Series 2010A.
<br /> The following members were present: Mayor Adams, Council Members Ryan and
<br /> Sjoblad
<br /> and the following were absent: Council Members Nagel and Malecha
<br /> Member Sjoblad introduced the following resolution and moved its adoption:
<br /> RESOLUTION NO. 10-13
<br /> PROVIDING FOR THE ISSUANCE AND SALE OF $115,000 GENERAL OBLIGATION
<br /> EQUIPMENT CERTIFICATES, SERIES 2010A AND LEVYING A TAX FOR THE
<br /> PAYMENT THEREOF
<br /> A. WHEREAS, the City of Pequot Lakes, Minnesota(the "City"), has heretofore
<br /> determined and declared that it is necessary and expedient to issue $115,000 General Obligation
<br /> Equipment Certificates, Series 2010A (the "Certificates" or, individually, a "Certificate"),
<br /> pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance
<br /> the acquisition of capital equipment for the City (the "Project"); and
<br /> B. WHEREAS, each item of equipment to be financed by the Certificates has an
<br /> expected useful life at least as long as the term of the Certificates; and
<br /> C. WHEREAS, the principal amount of the Certificates does not exceed one-quarter
<br /> of one percent(0.25%) of the market value of the taxable property in the City ($287,330,700
<br /> times 0.25% is $718,327); and
<br /> D. WHEREAS, no other obligations have been sold pursuant to a private sale within
<br /> the last twelve calendar months of the date hereof which when combined with this issue would
<br /> exceed the $1,200,000 limitations on negotiated sales as required by Minnesota Statutes, Section
<br /> 475.60, Subdivision 2(2); and; and
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Pequot Lakes,
<br /> Minnesota, as follows:
<br /> 1. Acceptance of Offer. The offer of Lakes State Bank,Pequot Lakes, Minnesota,to
<br /> purchase the Certificates and to pay therefor the sum of$115,000, all in accordance with the
<br /> terms and at the rate of interest hereinafter set forth, is hereby accepted.
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