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1997 Bonds"), the proceeds of which were used on February 1, 2000, to effect a crossover <br />refunding of the Series 1991 Bonds; <br /> <br /> WHEREAS, in order to provide financing for a certain expansion of City Hall <br />(the "Project"), it is proposed that the Authority issue its City Hall Expansion Revenue Bonds, <br />Series 2002B (City of Elk River Lease Purchase Obligation), dated as of September 1, 2002 (the <br />"Bonds"); and <br /> <br /> WHEREAS, in order to issue the Bonds in accordance with the provisions of the <br />Indenture, it is necessary to execute certain supplements to the Indenture and the Lease, more <br />specifically, a certain Supplement to Lease Purchase Agreement, dated as of September 1, 2002 <br />(the "Lease Supplement"), between the City and the Authority, and a certain Supplement to Trust <br />Indenture, dated as of September 1, 2002 (the "Indenture Supplement"), between the Authority <br />and the Trustee under the Indenture: <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br />Elk River Economic Development Authority (the "Authority") as follows: <br /> <br /> 1. Findings. The Authority acknowledges, finds, determines and declares that the <br />Project and its financing will promote the welfare of the City and satisfies the purposes stated in <br />the Act (as defined in the Indenture). <br /> <br /> 2. Authorization of Financing. Pursuant to the Lease Supplement and the Indenture <br />Supplement, and pursuant to the Lease and the Indenture, as respectively amended and <br />supplemented thereby, the financing by the Authority of the acquisition, construction and <br />installation of the Project and the issuance of the Bonds are hereby authorized and approved. <br /> <br /> 3. Acceptance of Purchase. The offer of <br /> (the "Purchaser"), to purchase the Authority's City Hall <br />Expansion Revenue Bonds, Series 2002B (City of Elk River Lease Purchase Obligation), dated <br />as of September 1, 2002 (the "Bonds", or individually a "Bond"), in accordance with the terms <br />and at the rates of interest set forth in the Indenture, and to pay therefor the sum of <br />$ plus interest accrued to settlement, is hereby accepted. The Bonds <br />shall bear interest at the rates, shall be in such amount and denominations, shall be numbered, <br />shall be dated, shall mature, shall be subject to redemption prior to maturity, shall be in such <br />form and shall have such other details and provisions as are prescribed by the Indenture, <br />including particularly as amended by the Indenture Supplement. <br /> <br /> 4. Special Obligations; Security; Authorization to Execute and Deliver Indenture <br />and Bonds. The Bonds shall be special obligations of the Authority payable solely from the <br />revenues derived by the Authority from the Original Project and the Project and as may <br />otherwise be available for such purposes pursuant to the Indenture. The execution, issuance and <br />delivery of the Bonds are hereby authorized and approved. <br /> <br /> 5. Authorization to Execute and Deliver Lease Supplement and Indenture <br />Supplement and All Other Bond Documents. The President and the Secretary are hereby <br />authorized to execute, attest and deliver the Indenture Supplement and the Lease Supplement <br />(collectively, together with the full provisions of the Lease and the Indenture, the "Bond <br /> <br />1431832vl 2 <br /> <br /> <br />