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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 Tom Ryan introduced the following resolution and moved its adoption:
<br /> RESOLUTION 12-22 PROVIDING FOR THE ISSUANCE AND SALE OF $1,270,000
<br /> GENERAL OBLIGATION UTILITY REFUNDING BONDS, SERIES 2012A AND
<br /> PLEDGING FOR THE 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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