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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br /> ELK RIVER, MINNESOTA <br /> <br /> Pursuant to due call and notice thereof, a regular or special meeting of the City <br />Council of the City of Elk River, Minnesota, was duly held in the Elk River City Hall on <br />November 30, 1998, commencing at 6:00 P.M., C.T., in part for the purpose of considering the <br />offers which had been received for the purchase of the City's $820,000 General Obligation Water <br />Revenue Bonds, Series 1998B. <br /> <br /> The following Councilmembers were present: - <br /> <br />and the following were absent: <br /> <br /> There was then presented a tabulation of the offers which had been received in the <br />manner specified in the Terms of Proposal for the Bonds. The offers were as follows: <br /> <br />998543.1 <br /> <br /> <br />