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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF HASTINGS, MINNESOTA <br /> <br />HELD: October 3, 2005 <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of <br />the City of Hastings, Dakota County, Minnesota, was duly held at the City Hall in said City on <br />the 3rd day of October, 2005 at 7:00 o'clock P.M. for the purpose in part of authorizing the <br />competitive negotiated sale of the $4,895,000 General Obligation Improvement and Refunding <br />Bonds, Series 2005A 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 COMPETITIVE NEGOTIATED <br />SALE OF $4,895,000 <br />GENERAL OBLIGATION IMPROVEMENT AND REFUNDING BONDS, <br />SERIES 2005A <br /> <br />A. WHEREAS, the City Council of the City of Hastings, Minnesota, has <br />heretofore determined that it is necessary and expedient to issue its $4,895,000 General <br />Obligation Improvement and Refunding Bonds, Series 2005A (the "Bonds") to (i) fmance <br />various improvement projects within the City; (ii) refund the February 1,2007 through February <br />1,2019 maturities of the City's General Obligation Swimming Pool Bonds, Series 1998A dated <br />August 1, 1998 and (iii) refund the February 1,2007 through February 1,2017 maturities of the <br />City's General Obligation Water Revenue Bonds, Series 1997B dated August I, 1997; and <br /> <br />B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, <br />Minnesota ("Springsted"), as its independent financial 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 />I. Authorization; Findings. The City Council hereby authorizes Springsted to solicit <br />bids for the competitive negotiated sale of the Bonds. <br /> <br />2. Meeting; Bid Opening. This City Council shall meet at the time and place <br />specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering <br /> <br />1819087vl <br />