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EXTRACT OF MINUTES OF A MEETING OF THE <br /> CITY COUNCIL OF THE CITY OF CENTERVII.,LE, nRINNESOTA <br /> HELD: March 23, 2011 <br /> Pursuant to due ca11 and notice thereof, a regular meeting of the City Council of the City <br /> of Centerville, Minnesota. was duly called and held at the City Ha11 in said City on the 23rd day <br /> of March, 2011, at 6:30 o'clock P M. <br /> The following members were present: Fehrenbacher, King, Love, Paar <br /> and the following were absent: Wilharber <br /> Member Fehrenbacher introduced the following resolution and moved its adoption: <br /> CITY OF CENTERVILLE, NIINNESOTA � <br /> RESOLUTION NO.11-007 , <br /> I <br /> RESOLUTION ACCEPTING PROPOSAL ON THE SALE OF $2,760,000 GENERAL <br /> OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2011A, PROVIDING <br /> FOR THEIR ISSUANCE AND PLEDGING FOR THE SECURITY THEREOF ! <br /> CERTAIN REVENUES. ', <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CENTERVILLE <br /> (the "City") AS FOLLOWS: <br /> A. WHEREAS, the City has heretofore issued its $2,200,000 General Obligation <br /> Improvement Bonds, Series 2004B, dated June 1, 2004 (the "2004 Bonds"), pursuant to a <br /> resolution approved on May 26, 2004 (the "2004 Bond Resolution"); and <br /> B. WHEREAS, the City has also heretofore issued its $2,600,000 General <br /> Obligation Improvement Bonds, Series 2007A, dated December 11, 2007 (the "2007 Bonds"), <br /> pursuant to a resol�xtion approved on November 14, 2007 (the "2007 Bond Resolution"); and <br /> B. WHEREAS, the 2004 Bonds and 2007 Bonds were issued pursuant to Minnesota <br /> tatutes chapters 429 and 475, 'and the proceais thereof were used to construct certain public <br /> improvements within the City (collectively, the "Project"); and <br /> C. WHEREAS, there are currently outstanding principal .amounts owed of <br /> $1,085,000 with respect to the 2004 Bonds and $2,460,000 with respect to the 2007 Bonds; and <br />