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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 20, <br /> 2013, commencing at 6:30 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. 13- <br /> RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING <br /> GENERAL OBLIGATION IMPROVEMENT BONDS,SERIES 2005A 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 General Obligation Improvement Bonds, Series 2005A, <br /> dated June 14, 2005 (the`Bonds"), in the original aggregate principal amount of$1,070,000. The <br /> Bonds maturing on February 1 in the years 2014 through and including 2016, in the aggregate <br /> principal amount of$340,000 (the "Callable Bonds"), are subject to redemption and prepayment on <br /> any date 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, 2013, or such later date for which proper notice <br /> of call may be given, and such bonds are hereby called for redemption on such date. <br /> 423468v1 JSB KG400-1 <br />