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EXTRACT OF MINUTES OF MEETING
<br />CITY COUNCIL OF THE
<br /> CITY OF ELK RIVER, MINNESOTA
<br />
<br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk River,
<br />
<br />Minnesota, was duly called and held at City Hall in Elk River, Minnesota, on Monday, December 22, 2003.
<br />
<br />The following members were present:
<br />
<br />and the following members were absent:
<br />
<br />Member
<br />
<br />introduced the following resolution and moved its adoption:
<br />
<br />Resolution No. 03-
<br />
<br />RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING:
<br />
<br />GENERAL OBLIGATION SEWER REVENUE BONDS, SERIES 1994B, DATED JUNE 1, 1994
<br />
<br />GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1994D, DATED JULY 1, 1994
<br />
<br /> WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $1,280,000 General Obligation Sewer Revenue Bonds, Series 1994B, dated June 1, 1994
<br />(the "1994B Bonds"), of which $660,000 still remains outstanding; and
<br />
<br /> WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $255,000 General Obligation Tax Increment Bonds, Series 1994D, dated July 1, 1994 (the
<br />"1994D Bonds"), of which $105,000 still remains outstanding; and
<br />
<br /> WHEREAS, all of the1994B Bonds maturing in the years 2005 through 2009, inclusive, are subject to
<br />redemption and prepayment at the option of the City on February 1, 2004, and on any date thereafter at a
<br />price of par, plus accrued interest to the date of redemption, all as provided in the resolution adopted by the
<br />City Council of the City of Elk River, Minnesota on May 23, 1994, authorizing the issuance of the1994B Bonds
<br />(the "May 1994 Resolution"); and
<br />
<br /> WHEREAS, all of the1994D Bonds maturing in the years 2005 through 2007, inclusive, are subject to
<br />redemption and prepayment at the option of the City on February 1,2004 and on any date thereafter at a price
<br />of par plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City
<br />Council of the City of Elk River, Minnesota on June 27, 1994, authorizing the issuance of the 1994D Bonds
<br />(the" June 1994 Resolution"); and
<br />
<br /> WHEREAS, the City Council of the City of Elk River, Minnesota deems it desirable and in the best
<br />interests of the City of Elk River to call those bonds maturing in the years 2005 through 2009, inclusive,
<br />totaling $565,000 in principal amount, on February 1,2004, in accordance with the May 1994 Resolution; and
<br />
<br /> WHEREAS, the City Council of the City of Elk River, Minnesota deems it desirable and in the best
<br />interests of the City of Elk River to call those bonds maturing in the years 2005 through 2007, inclusive,
<br />totaling $80,000 in principal amount, on February 1,2004, in accordance with the June 1994 Resolution; and
<br />
<br />
<br />
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