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EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF LITTLE CANADA, MINNESOTA <br />HELD: FEBRUARY 28, 2007 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City <br />Council of the City of Little Canada, Ramsey County, Minnesota, was duly called and <br />held at the City Hall on February 28, 2007, at 7:30 P.M., for the purpose of considering <br />proposals and awarding the competitive negotiated sale of $2,205,000 General Obligation <br />Permanent Improvement Revolving Fund Bonds, Series 2007A. <br />The following members were present: Blesener, Montour, Keis, and McGraw. <br />and the following were absent: Allan <br />Member <br />adoption: <br />introduced the following resolution and moved its <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $2,205,000 <br />GENERAL OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND <br />BONDS, SERIES 2007A, PLEDGING FOR THE SECURITY THEREOF SPECIAL <br />ASSESSMENTS AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the City of Little Canada, Minnesota (the "City "), hereby <br />determines and declares that it is necessary and expedient to issue $2,205,000 General <br />Obligation Permanent Improvement Revolving Fund Bonds, Series 2007A (the "Bonds" <br />or individually, a "Bond "), pursuant to Minnesota Statutes, Chapters 429 and 475, to <br />finance various public improvements within the City (the "Improvements "); and <br />B. WHEREAS, the Improvements and all their components have been <br />ordered prior to the date hereof, after a hearing thereon for which notice was given <br />describing the Improvements or all their components by general nature, estimated cost, <br />and area to be assessed; and <br />C. WHEREAS, the City has retained Ehlers and Associates, Inc., in <br />Roseville, Minnesota ( "Ehlers "), as its independent financial advisor for the sale of the <br />Bonds and was therefore authorized to sell the Bonds by private negotiation in <br />accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to <br />purchase the Bonds have been solicited by Ehlers; and <br />D. WHEREAS, the proposals set forth on Exhibit A attached hereto were <br />received by the Administrator, or designee, at the offices of Ehlers at 10:00 a m , this <br />same day pursuant to the Terms of Proposal established for the Bonds; and <br />E. WHEREAS, it is in the best interests of the City that the Bonds be issued <br />in book -entry form as hereinafter provided. <br />3 <br />