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EXTRACT OF MINUTES OF A MEETING OF THE <br /> CITY COUNCIL OF THE <br /> CITY OF PEQUOT LAKES, MINNESOTA <br /> HELD: OCTOBER 5, 2004 <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 /> October 5,2004, at 6:00 P.M., for the purpose, in part, of authorizing the issuance and awarding <br /> the sale of$340,000 General Obligation Improvement Bonds, Series 2004A. <br /> The following members were present: <br /> Catherine Malecha, Jerry Akerson, Justin Bolz-Anolshek, Joanne Johnson, Mary Pfeiffer, <br /> Tom Ryan, Dave Sjoblad <br /> and the following were absent: <br /> None <br /> Member Ryan introduced the following resolution and moved its adoption: <br /> RESOLUTION 04-27 <br /> RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br /> OF $340,000 GENERAL OBLIGATION IMPROVEMENT <br /> BONDS, SERIES 2004A, AND PLEDGING SPECIAL <br /> ASSESSMENTS FOR THE SECURITY THEREOF AND <br /> LEVYING A TAX FOR THE PAYMENT THEREOF <br /> A. WHEREAS, the City Council of the City of Pequot Lakes, Minnesota(the <br /> "City"),has heretofore determined and declared that it is necessary and expedient to issue <br /> $340,000 General Obligation Improvement Bonds, Series 2004A(the 'Bonds" or individually, a <br /> "Bond"),pursuant to Minnesota Statutes, Chapters 429 and 475,to finance the construction of <br /> various public improvements to the Industrial Park located within the City(the "Improvements"); <br /> and <br /> B. WHEREAS, the Improvements and all their components have been ordered prior <br /> to the date hereof, after a hearing thereon for which notice was given describing the <br /> Improvements or all their components by general nature, estimated cost, and area to be assessed; <br /> and <br /> C. WHEREAS, the City has retained Ehlers &Associates, Inc., in Roseville, <br /> Minnesota("Ehlers"), as its independent financial advisor for the sale of the Bonds and was <br /> �—' therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota <br />