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EXTRACT OF MINUTES OF A MEETING CITY COUNCIL OF THE CITY OF LITTLE CANADA, MINNESOTA HELD: February 12, 2014 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Little Canada, Ramsey County, Minnesota, was duly held at the City Hall on February 12, 2014, at 7:30 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of $3,400,000 General Obligation Bonds, Series 2014A. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $3,400,000 GENERAL OBLIGATION BONDS, SERIES 2014A AND PLEDGING NET REVENUES FOR THE SECURITY THEREOF AND LEVYING A TAX FOR THE PAYMENT A. WHEREAS, the City of Little Canada, Minnesota (the "City "), owns and operates a municipal water system and a sanitary sewer system (collectively, the "System ") as separate revenue producing public utilities and there are currently no outstanding obligations are payable from the net revenues of the System; and B. WHEREAS, on December 18, 2013, the City Council held a public hearing on the proposed issuance of General Obligation Bonds and, pursuant to resolution approved and adopted the 2014 through 2018 Five -Year Capital Improvement Plan (the "Plan"), and approved the issuance of General Obligation Capital Improvement Plan Bonds to finance the acquisition and betterment of a public works facility (the "Facility "), all pursuant to the Plan and in accordance with the provisions of Minnesota Statutes, Section 475.521; and C. WHEREAS, no petition signed by voters equal to five percent of the votes cast in the City in the last general election requesting a vote on the issuance of the General Obligation Capital Improvement Plan Bonds has been filed with the Administrator within thirty days after the public hearing on the Plan and on the issuance of the General Obligation Bonds; and D. WHEREAS, the City Council hereby determines and declares that it is necessary and expedient to issue $3,400,000 General Obligation Bonds, Series 2014A (the "Bonds" or, individually, a "Bond "), pursuant to Minnesota Statutes, Section 475.521 and Chapter 475, to provide funds to finance the Facility and pursuant to Minnesota Statutes, Section 444.075 and to finance the improvements to the water and sewer system (the "Improvements "); and E. WHEREAS, the City has heretofore determined, in accordance with Minnesota Statutes, Section 475.521, Subd. 4, that the principal and interest to become due in any year on all the outstanding bonds issued by the City under Minnesota Statutes, Section 475.521,