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CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />RESOLUTION NO 2009-007 <br />BE IT RESOLVED by the City Council of the City of Lake Elmo, State of Minnesota (the "City"), as <br />follows: <br />The City Council hereby finds and declares that it is necessary and expedient for the City to <br />sell and issue its fully registered general obligation refunding bonds in the total aggregate <br />principal amount of not to exceed $1,100,000 (herein, the "Bonds"). The proceeds of the <br />Bonds will be used, together with any additional funds of the City which might be required, to <br />(i) current refund on or about May 12, 2009, all or a portion of the February 1, 2010, through <br />2017 maturities, aggregating up to $525,000 in principal amount, of the City's General <br />Obligation State-Aid and Improvement Bonds, Series 2001, dated October 1, 2001, as the date <br />of original issue, (ii) to crossover refund on December 1, 2009, all or a portion of the <br />December 1, 2010 through 2021 maturities, aggregating up to $500,000 in principal amount, <br />of the City's General Obligation Water Revenue Bonds, Series 2002B, dated May 1, 2002, as <br />the date of original issue and (iii) 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 Administrator and Finance Director are hereby authorized to approve the sale of the <br />Bonds in an aggregate principal amount of not to exceed $1,100,000 and to execute a bond <br />purchase agreement for the purchase of the Bonds with NSI, provided the total net savings is <br />at least$ 60,000 . <br />4. Upon approval of the sale of the Bonds by the City Administrator and Finance Director the <br />City Council will take action at its next regularly scheduled meeting thereafter to adopt the <br />necessary approving resolutions as prepared by the City's bond counsel. <br />5. NSI is authorized to prepare an offering document related to the sale of the Bonds, <br />6. If the City Administrator and Finance Director have not approved the sale of the bonds to NSI <br />and executed the related bond purchase agreement by December 31, 2009, this resolution <br />shall expire. <br />ADOPTED by the City Council of the City of Lake Elmo on March 3'16, 2009, <br />0110 <br />Craig W/,)Y�w'son, MGim City <br />I / Administrator <br />A. Johnston, <br />