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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: August 2, 2004 <br /> <br /> Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Elk River, Minnesota, was duly called and held at the City Hall in the City of Elk <br />River, Minnesota on August 2, 2004, at __ o'clock _.M. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION CONCURRING IN THE ACTION OF THE BOARD OF COMMISSIONERS <br />OF THE PUBLIC UTILITIES COMMISSION OF THE CITY OF ELK RIVER, MINNESOTA, <br />IN PROVIDING FOR THE ISSUANCE AND SALE OF $940,000 ELECTRIC REVENUE <br />BONDS, SERIES 2004A <br /> <br />WHEREAS: <br /> <br /> A. the Public Utilities Commission of the City of Elk River, Minnesota (the <br />"Commission") has determined to undertake capital improvements to the municipal electric light <br />and power plant and distribution system of the City (the "Electric System") consisting of <br /> (the "Project"); and will finance the Project by the issuance of the City's <br />$940,000 Electric Revenue Bonds, Series 2004A (the "Series 2004A Bonds"); and <br /> <br /> B. the Commission has presented to the City Council a copy of a resolution (the <br />"Bond Resolution") entitled "Resolution Providing for the Issuance and Sale of $940,000 <br />Electric Revenue Bonds, Series 2004A and Pledging Net Revenues for the Security Thereof," to <br />be considered for adoption by the Commission after the date hereof. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota that the City Council hereby concurs in the Bond Resolution of the Commission <br />providing for the issuance and sale of the Series 2004A Bonds, hereby joins in and adopts the <br />Bond Resolution and makes the determinations and findings set forth in the Bond Resolution <br />with the same force and effect as if the Bond Resolution had been adopted by the City Council. <br /> <br /> The motion for the adoption of the foregoing resolution was seconded by member <br /> and upon a vote being taken thereon, the following voted in favor <br />thereofi <br /> <br />and the following voted against the same: <br /> <br />Whereupon the resolution was declared duly passed and adopted. <br /> <br />1670578vl <br /> <br /> <br />