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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: FEBRUARY 8,2022 <br /> Pursuant to due call and notice thereof, a regular or special meeting of the City Council of <br /> the City of Pequot Lakes, Crow Wing County, Minnesota,was duly called and held at the City <br /> Hall on February 8, 2022, at 6:30 P.M., for the purpose, in part, of authorizing the issuance and <br /> awarding the sale of a$176,000 General Obligation Equipment Certificate of Indebtedness,Series <br /> 2022A. <br /> The following members were present: Mayor Gardner, Council Members Clement, <br /> Pederson,Ronning and Seils <br /> and the following were absent: None <br /> Member Ronning introduced the following resolution and moved its adoption: <br /> RESOLUTION NO.21.07 <br /> PROVIDING FOR THE ISSUANCE AND SALE OF A$176,000 GENERAL OBLIGATION <br /> EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 2022A,AND LEVYING A <br /> TAX FOR THE 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 a$176,000 General Obligation <br /> Equipment Certificate of Indebtedness, Series 2022A (the "Certificate"), pursuant to Minnesota <br /> Statutes, Chapter 475 and Minnesota Statutes, Section 412.301,to finance the purchase of a plow <br /> truck for the City(the"Equipment");and <br /> B. WHEREAS,the equipment has an expected useful life at least as long as the term <br /> of the Certificate; and <br /> C. WHEREAS, the principal amount of the Certificate to be issued does not exceed <br /> one-quarter of one percent (0.25%) of the estimated market value of the taxable property in the <br /> City; and <br /> D. WHEREAS, the City has retained David Drown Associates, Inc., in Minneapolis, <br /> Minnesota ("David Drown"), as its independent municipal advisor for the sale of the Certificate <br /> and was therefore authorized to sell the Certificate by private negotiation in accordance with <br /> Minnesota Statutes,Section 475.60, Subdivision 2(9); and <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Pequot Lakes, <br /> Minnesota, as follows: <br /> 72S11616v1 <br />