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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />HASTINGS, MINNESOTA <br />HELD: November 5, 2007 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of <br />the City of Hastings, Dakota and Washington Counties, Minnesota, was duly called and held at <br />the City Hall in said City on Monday, the 5th day of November, 2007 at 7:00 P.M_, for the <br />purpose of awarding the sale of, $2,425,000 General Obligation Improvement Bonds, Series <br />2007B of the City. <br />The following members were present: <br />and the following were absent: <br />Councilmember <br />introduced the following resolution and <br />moved its adoption: <br />Resolution <br />RESOLUTION ACCEPTING PROPOSAL ON THE <br />SALE OF $2,425,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 2007B, PROVIDING FOR THEIR ISSUANCE <br />AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the City Council of the City of Hastings, Minnesota (the <br />"City"), has heretofore determined and declared that it is necessary and expedient to issue <br />$2,425,000 General Obligation Improvement Bonds, Series 2007B of the City, pursuant to <br />Minnesota Statutes, Chapters 429 and 475, to finance various improvement projects in the City <br />(the "Improvements"); and <br />B. WHEREAS, the construction of each of the improvement projects to be <br />financed by the Bonds have heretofore been ordered; and <br />C. WHEREAS, offers to purchase the Bonds were solicited on behalf of the <br />City by Springsted Incorporated, in Saint Paul, Minnesota ("Springsted"), an independent <br />financial consultant, and therefore the City is authorized to negotiate the sale of the Bonds <br />without compliance with the public sale requirements of Chapter 475; and <br />D. WHEREAS, the following proposals were received, opened and recorded <br />at the offices of Springsted Incorporated at 11:00 A.M., this same day: <br />2086247v1 <br />