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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF LAKE ELMO, MINNESOTA <br />HELD: May 2, 2023 <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 />2nd day of May, 2023, at 7:00 o'clock P.M. for the purpose in part of authorizing the competitive <br />negotiated sale of the $5,875,000 General Obligation Improvement and Utility Revenue Bonds, <br />Series 2023A of said City. <br />The following members were present: Mayor Cadenhead and Councilmembers Katrina <br />Beckstrom, Matt Him, Jeff Holtz and Lisa McGinn. <br />and the following were absent: None <br />Member Him introduced the following resolution and moved its adoption: <br />RESOLUTION 2023-041 PROVIDING FOR THE COMPETITIVE NEGOTIATED <br />SALE OF $5,875,000 GENERAL OBLIGATION <br />IMPROVEMENT AND UTILITY REVENUE BONDS, SERIES 2023A <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 $5,875,000 General <br />Obligation Improvement and Utility Revenue Bonds, Series 2023A (the "Bonds") to finance the <br />(i) City's 2023 street and utility improvement projects; and (ii) 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 />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lake Elmo, <br />Minnesota, as follows: <br />1. Authorization; Findings. The City Council hereby authorizes Northland to solicit <br />bids for the competitive negotiated sale of the Bonds. <br />2. Meeting; Bid Opening. This City Council shall meet at the time and place <br />specified in the Notice of Sale attached hereto as Exhibit A for the purpose of considering sealed <br />bids for, and awarding the sale of, the Bonds. The City Administrator, or designee, shall open <br />bids at the time and place specified in such Notice of Sale. <br />LA515-123-867394.v1 <br />