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Mayor Pearson introduced the following resolution and moved its adoption, which <br />motion was seconded by Councilmember Nelson: <br />M�� <br />mWollumanwin uniftlymm-1410MEM <br />BE IT RESOLVED by the City Council of the City of Lake Elmo, Minnesota (the <br />"City"), as follows: <br />Section 1. Authorization, Pull2ose. It is hereby determined to be in the best interests of <br />the City to issue its General Obligation Bonds, Series 2014A, in the approximate principal <br />amount of $6,235,000 (the "Bondsas authorized pursuant to Minnesota Statutes, Chapters <br />475, 444, 429 and 412.3 0 1, for the purpose of (a) financing various street improvements in the <br />City, (b) financing various water and sewer improvement in the City, (c) financing various items <br />of capital equipment and (d) funding costs of issuance of the Bonds. <br />Section 2. Notice of Sale, Northland Securities, Inc., financial advisor to the City, has <br />presented to this Council a form of Notice of Sale for the Bonds which is attached hereto and <br />hereby approved and which shall be placed on file by the City Administrator. Each and all of the <br />provisions of the Notice of Sale are hereby adopted, as the terms and conditions of the Bonds and <br />of the sale thereof. Northland Securities, Inc. is hereby authorized to solicit bids for the Bonds <br />on behalf of the City on a competitive basis. <br />Section 3, Award and Sale, The City Council shall meet at the times and places shown <br />in the Notice of Sale for the purpose of considering sealed bids for the purchase of the Bonds and <br />of taking such action thereon as maybe in the best interest of the City. <br />Upon vote being taken thereon, the following members voted in favor thereof: Pearson, Nelson, <br />tIn <br />Smith, Bloyer, and Reeves <br />