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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF HASTINGS, MINNESOTA HELD: October 3, 2005 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Hastings, Dakota County, Minnesota, was duly held at the City Hall in said City on the 3rd day of October, 2005 at 7:00 o'clock P.M. for the purpose in part of authorizing the competitive negotiated sale of the $3,740,000 General Obligation Municipal Building Refunding, Series 2005B 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 NEOOTIA TED SALE OF $3,740,000 GENERAL OBLIGATION MUNICIPAL BUILDING REFUNDING BONDS, SERIES 2005B A. WHEREAS, the City Council of the City of Hastings, Minnesota, has heretofore detennined that it is necessary and expedient to issue its $3,740,000 General Obligation Municipal Building Refunding Bonds, Series 2005B (the "Bonds") to refund the February 1, 2006 through February 1, 2014 maturities of the Housing and Redevelopment Authority of the City of Hastings Municipal Building Revenue Refunding Bonds, Series 1998A dated August 1, 1998; 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. 1819098vl