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<br />WClnd ouJ 51 3, <br />\0 I \ rloL) <br /> <br />RESOLUTION 04- <br /> <br />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 ~ity Council <br />ofthe City of Elk River, Minnesota, was duly called and held at the City Hall in t* City of Elk <br />River, Minnesota on August 2,2004, at 6:30 p.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 adoptio <br /> <br />RESOLUTION CONCURRING IN THE ACTION OF THE BO OF <br />COMMISSIONERS OF THE PUBLIC UTILITIES COMMISSION OF T E CITY OF <br />ELK RIVER, MINNESOTA, IN PROVIDING FOR THE ISSUANCE AN <br />$940,000 ELECTRIC REVENUE BONDS, SERIES 2004A <br /> <br />WHEREAS: <br /> <br /> <br />A. the Public Utilities Commission of the City of Elk River, Minnesot (the <br />"Commission") has determined to undertake capital improvements to the municip I electric light <br />and power plant and distribution system of the City (the "Electric System") consis ing of <br />improvements and extensions to the Electric System (the "Project"); and will fin ce the Project <br />by the issuance of the City's $940,000 Electric Revenue Bonds, Series 2004A (the "Series 2004A <br />Bonds"); and I <br /> <br />B. the Commission has presented to the City Council a copy of a reso ution (the <br />"Bond Resolution") entitled "Resolution Providing for the Issuance and Sale of $ 40,000 <br />Electric Revenue Bonds, Series 2004A and Pledging Net Revenues for the Securi 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 ofthe City of Elk River, <br />Minnesota as follows: <br /> <br />(1) <br /> <br />The authority to accept the most favorable proposal for the~urChase of the <br />2004A Bonds, the interest rates and the amount of the purc aser's <br />discount is hereby delegated to the commission; provided t e true interest <br />cost on the 2004A Bonds shall not exceed 5.25%. ! <br />I <br />The City Council hereby concurs in the Bond Resolution o~the <br />Commission providing for the issuance and sale of the Seri~s 2004A <br />Bonds, hereby joins in and adopts the Bond Resolution and I makes the <br /> <br />(2) <br />