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City of Lame Elmo <br />Washington County, Minnesota <br />Resolution No. 2011-036 <br />RESOLUTION APPROVING THE ISSUANCE ; <br />BE IT RESOLVED by the City Council of the City of Lake Elmo, State of Minnesota <br />(herein, the "City "), as follows: <br />I. 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 $845,000 (herein, the "Bonds"), The <br />proceeds of the Bonds will be used to fund various street and water improvement projects <br />within the 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 $875,000 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 and distribute an official statement related to the sale of the <br />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, 2011, <br />this resolution shall expire. <br />ADOPTED by the Lake Elmo City Council on September 13, 2011. <br />f. <br />can A. Johnston, Ma or <br />ATTEST: <br />Bruce A. Messelt, City dministrator <br />