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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />HASTINGS, MINNESOTA <br /> <br />HELD: October 1, 2007 <br /> <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 held at the City <br />Hall, in said City on the 1st day of October, 2007, at 7:00 o'clock P.M. for the purpose in part of <br />authorizing the competitive negotiated sale of $360,000 General Obligation Equipment <br />Certificates of Indebtedness, Series 2007C of said City. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br /> <br />introduced the following resolution and moved its <br /> <br />adoption: <br /> <br />RESOLUTION PROVIDING FOR THE <br />COMPETITIVE NEGOTIATED SALE OF $360,000 GENERAL <br />OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2007C <br /> <br />SECTION.A WHEREAS, the City Council of the City of Hastings, Minnesota, has <br />heretofore determined that it is necessary and expedient to issue its $360,000 General Obligation <br />Equipment Certificates of Indebtedness, Series 2007C (the "Certificates") to finance the <br />acquisition of equipment for City purposes; and <br /> <br />SECTION.B WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, <br />Minnesota ("Springsted"), as its independent fmancial advisor and is therefore authorized to sell <br />these obligations by a competitive negotiated sale in accordance with Minnesota Statutes, <br />Section 475.60, Subdivision 2(9); and <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Hastings, Minnesota, as follows: <br /> <br />1. Authorization; Findings. The City Council hereby authorizes Springsted to solicit <br />bids for the competitive negotiated sale of the Certificates. <br /> <br />2. Meeting~ Bid Opening. This City Council shall meet at the time and place specified in <br />the Terms of Proposal attached hereto as Exhibit A for the purpose of considering sealed bids <br />for, and awarding the sale of, the Certificates. The Administrator or his designee, shall open bids <br />at the time and place specified in such Terms of Proposal. <br /> <br />2085751vl <br />