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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF HASTINGS, MINNESOTA HELD: November 5, 2007 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Hastings, Dakota and Washington Counties, Minnesota, was duly called and held at the City Hall in said City on Monday, the 5`'' day of November, 2007, at 7:00 P.M., for the purpose of awarding the sale of, $360,000 General Obligation Equipment Certificates of Indebtedness, Series 20070 of the City. The following members were present: and the following were absent: its adoption. Member introduced the following resolution and moved Resolution RESOLUTION ACCEPTING PROPOSAL ON SALE OF $360,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 20070 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City Council of the City of Hastings, Minnesota (the "City") has heretofore determined and declared that it is necessary and expedient to issue $360,000 General Obligation Equipment Certificates of Indebtedness, Series 20070 of the City, pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance the acquisition of equipment for City purposes (the "Equipment"}; and B. WHEREAS, each piece of equipment to be financed by the Certificates has an expected useful life at least as long as the term of the Certificates; and C. WHEREAS, the principal amount of the Certificates does not exceed 0.25% of the market value of the City; and D. WHEREAS, proposals to purchase the Certificates were solicited on behalf of the City by Springsted Incorporated in Saint Paul, Minnesota, as its independent financial advisor; and E. WHEREAS, it is in the best interests of the City that the Certificates be issued in book-entry form as hereinafter provided. zosbzas~~