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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 Monday, May 7, 2012, <br />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 N0.12- <br />RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING <br />LIQUOR STORE REVENUE BONDS, SERIES 2005C OF THE CITY <br />BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County, <br />Minnesota (the "City"), as follows: <br />1. The City has issued its Liquor- Store Revenue Bonds, Series 2005C, dated November <br />1, 2005 (the "Bonds"), in the original aggregate principal amount of $1,200,000. The Bonds <br />maturing in installments on February 1 in the years 2013 through and including 2015, in the <br />aggregate principal amount of $570,000 (the "Callable Bonds"), are subject to redemption and <br />prepayment on July 1, 2012 and any date thereafter at a price of par plus accrued interest. <br />2. It is determined that it is in the sound financial management of the City that the <br />Callable Bonds be prepaid and redeemed on July 1, 2012, or such later date for which proper notice <br />of call maybe given, and such bonds are hereby called for redemption on such date. <br />402820v1 JSB EL185-18 <br />