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• EXTRACT OF MINUTES OF A MEETING OF THE <br /> BOARD OF COMMISSIONERS OF THE <br /> ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, <br /> MINNESOTA <br /> HELD: FEBRUARY 4, 2013 <br /> Pursuant to due call and notice thereof, a regular or special meeting of the Board of <br /> Commissioners of the Economic Development Authority for the City of Elk River, Sherburne <br /> County, Minnesota, was duly held at the City Hall, in the City of Elk River on February 4, 2013 <br /> at 6:00 P.M. <br /> The following members were present: Acting President Pat Dwyer, Paul Motin, Barbara <br /> Burandt, Matt Westgaard <br /> and the following were absent: Dan Tveite and Bryan Provo <br /> Member Motin introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. 13-01 <br /> RESOLUTION AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br /> REFUNDING BONDS, SERIES 2013A, PROVIDING FOR THEIR ISSUANCE <br /> • AND LEVYING A TAX FOR THE PAYMENT THEREOF <br /> A. WHEREAS, the Board of Commissioners of the Economic Development <br /> Authority for the City of Elk River, Minnesota (the "Authority"), has heretofore determined that <br /> it is necessary and expedient to issue its General Obligation Refunding Bonds, Series 2013A to <br /> refund in advance of maturity and at their redemption date the 2018 to 2033 maturities of the <br /> Authority's General Obligation Bonds, Series 2007B, dated November 8, 2007 (the "Refunded <br /> Bonds"), of which $9,225,000 in principal amount is callable on February 1, 2017; and <br /> B. WHEREAS, the City of Elk River, Minnesota (the "City") has, by its Ordinance <br /> No. 12-19, adopted on December 10, 2012 (the "Ordinance") in accordance with Minnesota <br /> Statutes, Section 469.060, consented to the pledge of its full faith, credit and resources to the <br /> payment of the Bonds; and <br /> C. WHEREAS, offers to purchase the Bonds were solicited on behalf of the <br /> Authority by Ehlers and Associates, Inc. ("Ehlers"); and <br /> D. WHEREAS, it is in the best interests of the Authority that the Bonds be issued in <br /> book-entry form as hereinafter provided; and <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br /> Economic Development Authority for the City of Elk River, Minnesota, as follows: <br /> Si. Acceptance of Offer. The offer of Raymond James & Associates, Inc. (the <br /> "Purchaser"), to purchase the Bonds in accordance with the terms of proposal, at the rates of <br /> 414396v3 JSB EL185-21 <br />