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EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL OF THE CITY OF LAKE ELMO, STATE OF MINNESOTA <br />HELD: Tuesday, August 6, 2013 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Lake Elmo, State of Minnesota, was duly held on Tuesday, August 6, 2013 at 7:00 o'clock <br />p.m. <br />Council Member Snaith introduced the following resolution and moved its <br />adoption: <br />RESOLUTION.1. <br />RESOLUTION APPROVING THE ISSUANCE OF <br />GENERAL OBLIGATION BONDS; SERIES 2013A <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 bonds in the total aggregate <br />principal amount of not to exceed $5,725,000 (herein, the "Bonds"). The proceeds of the <br />Bonds will be used, together with any additional funds of the City which might be <br />required, to provide funding for public infrastructure within the City and to fund. the costs <br />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 Finance Director and City Administrator are hereby authorized to approve the sale of <br />the Bonds in an aggregate principal amount of not to exceed $5,725,000 and to execute a <br />bond purchase agreement for the purchase of the Bonds with NSI, provided the True <br />Interest Cost ("TIC") does not exceed 4.50%. <br />4. Upon approval of the sale of the Bonds by the Finance Director and City Administrator, <br />the City Council will take action at its next regularly scheduled meeting thereafter to <br />adopt the necessary approving resolutions as prepared by the City's bond counsel. <br />S. NSI is authorized to prepare and distribute an official statement related to the sale of the <br />Bonds. <br />6. If the Finance Director and the City Administrator have not approved the sale of the <br />bonds to NSI and executed the related bond purchase agreement by December 31, 2013 <br />this resolution shall expire. <br />Page 2 of 3 <br />Resolution No. 2013®63 <br />