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4925-0715-6784.2 <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF LAKE ELMO, MINNESOTA <br />HELD: June 17, 2025 <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 />17th day of June, 2025, at 7:00 o’clock P.M. for the purpose in part of authorizing the <br />competitive negotiated sale of the $2,185,000 General Obligation Improvement Bonds, Series <br />2025A of said City. <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member ____________ introduced the following resolution and moved its adoption: <br /> <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 2025 - 045 <br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED <br />SALE OF $2,185,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 2025A <br /> <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 $2,185,000 General <br />Obligation Improvement Bonds, Series 2025A (the “Bonds”) to finance the (i) City’s 2025 street <br />improvement projects; and (ii) 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: