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CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />RESOLUTION NO. 2010 -043 <br />I 1 <br />BE IT RESOLVED by the City Council of the City of Lake Elmo, State of Minnesota <br />(herein, the "City "), as follows: <br />1. The City Council hereby finds and declares that it is necessary and expedient for the <br />District to sell and issue its fully registered general obligation improvement bonds in the <br />total aggregate principal amount of not to exceed $710,000 (herein, the "Bonds "). The <br />proceeds of the Bonds will be used to fund various street improvement projects within the <br />City and to fund the costs of issuing the Bonds. <br />2. The City Council desires to proceed with the sale of the Bonds by direct negotiation to <br />Northland Securities, Inc. (herein, "NSI"), <br />3. The City Finance Director and City Administrator are hereby authorized to approve the <br />sale of the Bonds in an aggregate principal amount of not to exceed $710,000 and to <br />execute a bond purchase agreement for the purchase of the Bonds with NSI, provided that <br />the true interest cost does not exceed 3,50 %. <br />4. Upon approval of the sale of the Bonds by the City Finance Director and the City <br />Administrator the City Council will take action at its next regularly scheduled meeting <br />thereafter to adopt the necessary approving resolutions as prepared by the City's bond <br />counsel. <br />5. NSI is authorized to prepare an official statement related to the sale of the Bonds. <br />6. If the City Finance Director and City Administrator have not approved the sale of the <br />bonds to NSI and executed the related bond purchase agreement by December 31, 2010, <br />this resolution shall expire. <br />ADOPTED by the City Council of the City of Lake Elmo o 7, 201 <br />L—JIU- <br />mi Bruce A. Messelt City Ad istrator <br />