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EXTRACT OF MINUTES OF A MEETING OF THE <br /> BOARD OF COMMISSIONERS OF THE <br />ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> <br /> PurSuant to due call and notice thereof, a regular or special meeting of the Board <br />of Commissioners of the Elk River Economic Development Authority (the "Authority"), located <br />in the City of Elk River, Minnesota, was duly called and held at the Elk River City Hall on <br />August 12, 2002, commencing at approximately 6:00 P.M., C.T. <br /> <br />The following Commissioners were present: <br /> <br />and the following were absent: <br /> <br /> Commissioner <br />moved its adoption: <br /> <br />introduced the following resolution and <br /> <br /> RESOLUTION AUTHORIZING <br /> THE ISSUANCE OF CITY HALL EXPANSION <br /> REVENUE BONDS, SERIES 2002B (CITY OF ELK RIVER <br /> LEASE PURCHASE OBLIGATION) AND THE EXECUTION <br />AND DELIVERY OF A SUPPLEMENT TO LEASE PURCHASE AGREEMENT <br />AND A SUPPLEMENT TO TRUST INDENTURE <br /> IN CONNECTION THEREWITH <br /> <br /> WHEREAS, pursuant to a certain Trust Indenture, dated as of November 1, 1991 <br />(as heretofore amended and supplemented and as amended and supplemented by the Indenture <br />Supplement hereinafter described, the "Indenture"), the Authority issued its $2,740,000 City Hall <br />and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation), <br />Series 1991, dated November 1, 1991 (the "Series 1991 Bonds"); <br /> <br /> WHEREAS, pursuant to a certain Lease Purchase Agreement, dated as of <br />November 1, 1991 (as heretofore amended and supplemented and as amended and supplemented <br />by the Lease Supplement hereinafter described, the "Lease"), which was executed and delivered <br />in connection with the issuance of the Series 1991 Bonds, the Authority leased to the City certain <br />land and certain buildings constructed and located thereon (collectively, the "Original Project"), <br />which the City nowoccupies and uses for City Hall and related public purposes, and the City <br />agreed to pay to the~Authority certain Basic Rent (as defined in the Lease); <br /> <br /> WHEREAS, in order to reduce the debt service costs on the Series 1991 Bonds, <br />the Authority issued its City Hall and Law Enforcement Facility Revenue Refunding Bonds, <br />Series 1997 (City of Elk River Lease Purchase Obligation), dated December 1, 1997 (the "Series <br /> <br />1431832vl <br /> <br /> <br />