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Extract of Minutes of Meeting of the <br />City Council of the City of Elk River, <br />Sherburne County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Elk <br />River, Minnesota, was duly held in the City Hall in the City of Elk River, on Tuesday, January 17, <br />2012, commencing at 6:30 P.M. <br />The following members were present: <br />and the following were absent: <br /> <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION NO. <br />RESOLUTION APPROVING <br />A CAPITAL IMPROVEMENT PLAN AND <br />GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF CAPITAL <br />IMPROVEMENT BONDS <br />BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County, <br />Minnesota (the "City"), as follows: <br />Section 1. Background <br />1.01. The City is authorized under Minnesota Statutes, 475.521 (the "Act") to prepare a <br />capital improvement plan and carry out programs for financing certain capital improvements. <br />The City may issue general obligation bonds pursuant to the Act to finance the cost of capital <br />improvements described in the plan. <br />1.02. Before the approval of the Plan and issuance of any general obligation bonds <br />396424v2 JSB EL185-15 <br />