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City of Lake Elmo <br />Washington County, Minnesota <br />Resolution No. 2009 -035 <br />RESOLUTION AUTHORIZING ISSUANCE AND SALE OF <br />GENERAL OBLIGATION IMPROVEMENT BONDS, <br />SERIES 2009B <br />BE IT RESOLVED by the City Council (the Council) of the City of Lake Elmo, <br />Minnesota (the City), as follows: <br />SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to issue <br />its General Obligation Improvement Bonds, Series 2009B, in the approximate principal amount <br />of $575,000 (the Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475, to finance <br />various improvements projects in the City. <br />SECTION 2. PROPOSALS FOR SALE. The Bonds are exempt from the public sale <br />requirements of Chapter 475 pursuant to Minnesota Statutes, Section 475.60, subdivision 2, <br />paragraph (2). Northland Securities, Inc. (Northland) is hereby authorized to solicit proposals for <br />the Bonds on behalf of the City on a negotiated basis or to present a proposal for the purchase of <br />the Bonds by Northland, in each case based upon such terms as shall be approved by the City <br />Finance Director. The Bonds may be offered on either a tax-exempt or taxable basis, or both. <br />SECTION 3. SALE MEETING. This Council shall meet at the time and place shown in the <br />offering materials for the Bonds for the purpose of considering proposals for the purchase of the <br />Bonds and of taking such action thereon as may be in the best interests 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 />whereupon the resolution was declared duly passed and adopted by the Lake Elmo City Council <br />on August 18, 2009. <br />Administrator <br />0 <br />Dean A. Johnston, Mayor <br />