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EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL <br />CITY OF MOUNDS VIEW, MINNESOTA <br />HELD: NOVEMBER 9, 2020 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Mounds View, Minnesota, was duly held at the City Hall on November 9, 2020, at 7:00 P.M. <br />The following Members were present: <br />and the following were absent: <br />Member <br />introduced the following resolution and moved its adoption: <br />RESOLUTION AUTHORIZING THE CITY TO ENTER INTO A CREDIT ENHANCEMENT <br />PROGRAM AGREEMENT WITH THE MINNESOTA PUBLIC FACILITIES AUTHORITY <br />A. WHEREAS, the City Council of the City of Mounds View, Minnesota (the <br />"City") proposes to issue its General Obligation Water Revenue Bonds (the "Bonds"), the <br />proceeds of which will be used to finance the costs of improvement and rehabilitation of the <br />water treatment plant facility; and <br />B. WHEREAS, the City Council hereby determines it is in the best interests of the <br />City to apply to the Minnesota Public Facilities Authority (the "Authority") for credit <br />enhancement of the Bonds. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds <br />View, Minnesota as follows: <br />1. Approval of the Authority's Credit Enhancement Program Agreement. The <br />Authority's Credit Enhancement Program Agreement (the "Agreement") is hereby approved, the <br />same being before the City Council and made a part of this resolution by reference. <br />2. Authorization to Sign Agreement and Related Forms. The Mayor and the <br />Administrator are authorized to sign the Agreement on the City's behalf and to execute any other <br />related forms prescribed by the Authority with respect to the Agreement. <br />3. Agreement to Comply with Minnesota Statutes, Section 446A.086. The City is <br />entering into the Agreement with the Authority pursuant to Minnesota Statutes, Section <br />446A.086 (the "Act") and the City hereby agrees to comply with and be bound by the provisions <br />of the Act. <br />4. Submission of the Agreement. The Mayor and Administrator are hereby <br />authorized to submit, on the City's behalf, the Agreement to the Authority, together with the <br />nonrefundable application fee in the amount of $500. <br />23401820 <br />Page 10 <br />