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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br /> ELK RIVER, MINNESOTA <br /> <br /> Pursuant to due call and notice thereof, a regular or <br />special meeting of the City Council of the City of Elk River, <br />Minnesota, was duly held in the Elk River City Hall on June 30, <br /> <br />1997, commencing at P.M., C.T., in part for the purpose of <br /> <br />consideration of awarding the sale of the City's Liquor Store <br />Revenue Bonds of 1997. <br /> <br />The following Councilmembers were present: <br /> <br />and the following were absent: <br /> <br /> During said meeting, <br /> introduced the following Resolution and <br />moved its adoption: <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE <br />AND SALE OF THE CITY'S $1,245,000 <br />LIQUOR STORE REVENUE BONDS OF 1997 <br /> <br /> BE IT RESOLVED by the City Council (the "Council,,) of <br />the City of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. Recital~s. It is hereby determined: <br /> <br /> (a) The City has determined to acquire, <br />construct, equip, furnish, operate, and maintain a new <br />municipal liquor store (the "Liquor Store"), and the <br />costs of completing and financing the Liquor Store are <br />currently estimated to be $1,393,535. The City <br />currently owns and operates a municipal liquor store, <br /> <br />3554?0.1 <br /> <br /> <br />