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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF LAKE ELMO, MINNESOTA <br />HELD: June 21, 2022 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Lake Elmo, Washington County, Minnesota, was duly held at the City Hall in said City on the <br />21s1 day of June, 2022, at 7:00 o'clock P.M. for the purpose in part of authorizing the competitive <br />negotiated sale of the $13,000,000 General Obligation Improvement, Abatement and Utility <br />Revenue Bonds, Series 2022A of said City. <br />The following members were present: Mayor Cadenhead and <br />Councilmembers Beckstrom, Dorschner, Holtz and McGinn. <br />and the following were absent: None <br />Member Dorschner introduced the following resolution and moved its adoption: <br />RESOLUTION 2022-063 PROVIDING FOR THE COMPETITIVE NEGOTIATED <br />SALE OF $13,000,000 <br />GENERAL OBLIGATION IMPROVEMENT, ABATEMENT AND UTILITY REVENUE <br />BONDS, SERIES 2022A <br />WHEREAS, the City Council of the City of Lake Elmo, Minnesota, (the "City") has <br />heretofore determined that it is necessary and expedient to issue its $13,000,000 General <br />Obligation Improvement, Abatement and Utility Revenue Bonds, Series 2022A (the "Bonds") to <br />finance (i) street improvement projects; (ii) certain public improvements including without <br />limitation the CSAH 15/30th Street Signal and Ideal Avenue (CSAH 13) Phase 2 project; (iii) <br />utility improvements, (iv) a water tower project; and (iv) costs of issuing the Bonds; and <br />WHEREAS, the City has retained Northland Securities, Inc., in Minneapolis, Minnesota <br />("Northland"), as its independent municipal advisor and is therefore authorized to sell these <br />obligations by a competitive negotiated sale in accordance with Minnesota Statutes, Section <br />475.60, Subdivision 2(9); and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lake Elmo, <br />Minnesota, as follows: <br />1. Authorization; Findings. The City Council hereby authorizes Northland to solicit <br />bids for the competitive negotiated sale of the Bonds. <br />2. Meeting: Bid Opening. This City Council shall meet at the time and place <br />specified in the Notice of Sale attached hereto as Exhibit A for the purpose of considering sealed <br />LA515-108-799493.vl <br />