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EXTRACT OF MINUTES OF MEETING OF THE <br /> BOARD OF COMMISSIONERS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF <br /> THE CITY OF ELK RIVER, <br /> SHERBURNE COUNTY,MINNESOTA <br /> Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of the <br /> Economic Development Authority of the City of Elk River, Minnesota, was duly held in the City Hall in <br /> the City of Elk River,on Tuesday,November 13,2012,commencing at 5:30 P.M. <br /> The following Members were present: <br /> and the following were absent: <br /> Member introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. <br /> RESOLUTION CALLING FOR A PUBLIC HEARING ON <br /> THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS <br /> AND AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING <br /> WHEREAS, the Board of Commissioners of the Economic Development Authority of <br /> the City of Elk River, Minnesota (the "Authority"), has determined that it can achieve debt service <br /> cost savings and therefore it is necessary and desirable that the Authority issue its General Obligation <br /> Refunding Bonds (the"Bonds")to refund in advance of maturity and at their redemption date the 2018 <br /> to 2033 maturities of the Authority's General Obligation Bonds, Series 2007B, dated November 8, <br /> 2007 (the "Refunded Bonds")the principal amount of$9,225,000 is callable on February 1, 2017; and <br /> WHEREAS,before proceeding it is necessary for the Authority to hold a public hearing <br /> on the proposal pursuant to the Act: <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br /> Economic Development Authority of the City of Elk River, Minnesota, as follows: <br /> 1. A public hearing on the Bonds will be held at the time and place set forth in the <br /> form of Notice of Public Hearing attached hereto as Exhibit A. The general nature of the facility to be <br /> refinanced and an estimate of the aggregate principal amount of bonds or other obligations to be issued <br /> to finance the proposal are described in the Notice of Public Hearing. <br /> 2. The Executive Director of the Authority is hereby authorized and directed to <br /> cause notice of the hearing to be given one publication in the official newspaper of the Authority and a <br /> newspaper of general circulation available in the City of Elk River, not less than 14 days nor more <br /> than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of <br /> Public Hearing. <br /> 413688v2 JSB EL185-21 <br />