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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF LADE ELMO, MINNESOTA <br />HELD: October 5, 2021 <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 />5t11 day of October, 2021, at 7:00 o'clock P.M. for the purpose in part of authorizing the <br />competitive negotiated sale of the $21,815,000 General Obligation Improvement, CIP and <br />Refunding Bonds, Series 2021A of said City. <br />The following members were present: <br />and the following were absent: <br />Member Ho t-t-y. introduced the following resolution and moved its adoption: <br />RESOLUTION 2021-107 <br />PROVIDING FOR THE COMPETITIVE NEGOTIATED <br />SALE OF $21,815,000 <br />GENERAL OBLIGATION IMPROVEMENT, CIP AND REFUNDING BONDS, <br />SERIES 2021A <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 $21,815,000 General <br />Obligation Improvement, CIP and Refunding Bonds, Series 2021A (the "Bonds") to (i) acquire <br />certain real property from the Economic Development Authority of the City of Lake Elmo (the <br />"EDA") by refunding the outstanding maturities of the EDA's Taxable Public Project Lease <br />Revenue and Limited Tax Bonds, Series 2018A; (ii) finance a portion of the capital <br />improvements set forth in the City's capital improvement plan for the years 2021 through 2025, <br />including without limitation capital improvements related to the acquisition, construction and <br />equipping of a new city hall, fire station, law enforcement facility and public works addition; (iii) <br />finance the City's 2021 street improvement projects, which includes salutary sewer <br />improvements; (iv) refund a portion of the City's General Obligation Bonds, Series 2013A; and <br />(v) finance the 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 />LA515-85-748041.vl <br />