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<br />Extract of Minutes of Meeting of the <br />City Council of the City of Elk River, <br />Sherburne County, Minnesota <br /> <br /> <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, December 7, <br />2015, commencing at 6:30 P.M. <br /> The following members were present: <br /> <br />and the following were absent: <br /> <br />* * * * * * * * * <br /> <br /> Member _______________ introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 15-_____ <br /> <br />RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING <br />GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2006C OF THE <br />CITY <br /> <br /> BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County, <br />Minnesota (the “City”), as follows: <br /> <br /> 1. The City has issued its General Obligation Capital Improvement Plan Bonds, Series <br />2006C, dated December 14, 2006 (the “Bonds”), in the original aggregate principal amount of <br />$3,220,000. The Bonds maturing on February 1 in the years 2017 through and including 2027, in the <br />aggregate principal amount of $2,110,000 (the “Callable Bonds”), are subject to redemption and <br />prepayment on any date at a price of par plus accrued interest. <br /> <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 February 1, 2016, or such later date for which proper <br />notice of call may be given, and such bonds are hereby called for redemption on such date. <br /> <br />470919v1 JSB EL185-13 <br />