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RESOLUTION AUTHORIZING ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, <br />SERIES 2017A <br />BE IT RESOLVED by the City Council of the City of Lake Elmo, Minnesota (the `City"), as follows: <br />Section 1. Auithori atiop Pu.uuose. It is hereby determined to be in the best interests of the City to issue <br />its General Obligation Bonds, Series 2 17A, in the approximate principal amount of $9,880,000 (the <br />"Bonds"), as authorized pursuant to Minnesota Statutes, Chapters 475, 444, 429 and.: 412.301, for the <br />purpose of (a) financing various improvements in the City, b) financing various water, stormwater, and <br />sewer improvements in the City, (c) financing various iterns of capital equipment and (d) funding crusts <br />of issuance of the Bonds. <br />Section . Notice Sale. Northland Securities, Inc., municipal advisor to the City, has presented to <br />this Council a form of Notice of Sale for the Bonds which is attached hereto and hereby approved and <br />which shall be placed on file by the City Administrator. Each and all of the provisions of the Notice of <br />Sale are hereby adapted as the terms and conditions of the Bonds and of the sale thereof; Northland <br />Securities, Inc. is hereby authorized to solicit bids for the Bonds on behalf of the City on a competitive <br />basis. <br />Section 3. Adjustment of Principal Amount of Bonds. The principal amount of the Bond: issue shall be <br />adjusted in accordance with staff recommendations upon receipt of bids for the financed projects; <br />provided that the principal amount shall not exceed , 80,000. <br />Section 4. Award and sate. The City Council shall meet at the times and places shown in the Notice of <br />Sale for the purpose of considering sealed bids for the purchase of the Bonds and of taking such action <br />thereon as may be in the best interest of the City. <br />Upon vote being taken thereon, the following members voted in favor thereof: <br />and the following members voted against the same: <br />APPROVED by the Lake Elmo City Council on this 18t" clay of April, 2017. <br />Mike Pearson <br />Mayor <br />ATTEST: <br />Julie Johnson <br />City Clerk <br />