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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF HASTINGS, MINNESOTA HELD: October 1, 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 held at the City Hall in said City on the I st day of October, 2007 at 7:00 o'clock P.M. for the purpose in part of authorizing the competitive negotiated sale of the $2,425,000 General Obligation Improvement Bonds, Series 2007B of said City. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $2,425,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2007B A. WHEREAS, the City Council of the City of Hastings, Minnesota, has heretofore determined that it is necessary and expedient to issue its $2,425,000 General Obligation Improvement Bonds, Series 2007B (the "Bonds") to finance various improvement projects in the City; and B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, Minnesota ("Springsted"), as its independent financial advisor and is therefore authorized to sell these obligations by a competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hastings, Minnesota, as follows: 1. Authorization; Findings. The City Council hereby authorizes Springsted to solicit bids for the competitive negotiated sale of the Bonds. 2. Meeting; Bid Opening. This City Council shall meet at the time and place specified in the Tenns of Proposal attached hereto as Exhibit A for the purpose of considering sealed bids for, and awarding the sale of, the Bonds. The Administrator, or his designee, shall open bids at the time and place specified in such Terms of Proposal. 2085700vl