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JAN 19 '95 04 :13PM EHLERS & ASSOCIATES <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LITTLE CANADA, MINNESOTA <br />HELD: January 25, 1995 <br />P.2/28 <br />Pursuant to due call and notice thereof, a regular <br />meeting of the City Council of the City of Little Canada, Ramsey <br />County, Minnesota, was duly held at the City Hall in said City on <br />Wednesday, the 25th day of January, 1995, at 7:30 P.M., for the <br />purpose, in part, of considering proposals for, and awarding the <br />sale of, $485,000 General Obligation Permanent Improvement <br />Revolving Fund Bonds, Series 1995A of the City. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following <br />resolution and moved its adoption: <br />RESOLUTION ACCEPTING PROPOSAL ON <br />SALE OF <br />$485,000 GENERAL OBLIGATION PERMANENT <br />IMPROVEMENT REVOLVING FUND BONDS, SERIES 1995A <br />AND PROVIDING FOR THEIR ISSUANCE <br />A. WHEREAS, on December 21, 1994, the City Council of <br />the City of Little Canada, Minnesota (the "City "), adopted a <br />resolution (the "Preliminary Resolution "), which provided for the <br />sale of $485,000 General Obligation Permanent Improvement <br />Revolving Fund Bonds, Series 1995A (the "Bonds "); and <br />B. WHEREAS, proposals to purchase the Bonds have been <br />solicited by Ehlers and Associates, Inc. in accordance with the <br />Preliminary Resolution; and <br />C. WHEREAS, the proposals set forth on Exhibit A <br />attached hereto were received pursuant to the Terms of Proposal <br />established for the ponds by the Administrator at the City Hall <br />at 11:00 A.M., Central Time, this same day; and <br />D. WHEREAS, the City of has heretofore determined and <br />declared that it is necessary and expedient to issue the Bonds <br />pursuant to Minnesota statutes, Chapters 429 and 475, to finance <br />281035.1 <br />Page 17 <br />