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1 <br /> EXTRACT OF MINUTES OF A MEETING OF THE <br /> BOARD OF COMMISSIONERS OF THE <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> Pursuant to due call and notice thereof, a regular or special meeting of the Board of <br /> Commissioners of the Elk River Economic Development Authority was duly called and held at - <br /> the Elk River City Hall on August 12, 2002, commencing at approximately 6:00 o'clock P.M. <br /> The following Commissioners were present: <br /> and the following were absent: <br /> Commissioner introduced the following resolution and moved <br /> its adoption: <br /> RESOLUTION AUTHORIZING THE ISSUANCE OF <br /> PUBLIC SAFETY BUILDING LEASE REVENUE BONDS, SERIES 2002A <br /> (CITY OF ELK RIVER, MINNESOTA LEASE OBLIGATION) <br /> AND THE EXECUTION AND DELIVERY OF <br /> A LEASE AGREEMENT, A MORTGAGE AND SECURITY AGREEMENT AND <br /> INDENTURE OF TRUST AND OTHER DOCUMENTS IN CONNECTION THEREWITH <br /> WHEREAS, applicable provisions of Minnesota Statutes, Chapter 469 (the "Act"), <br /> authorize the Elk River Economic Development Authority (the "Authority") to issue revenue <br /> bonds, in anticipation of the collection of revenues of a project, to finance, in whole or in part, <br /> the cost of acquisition, construction, reconstruction, improvement, betterment or extension of a <br /> project; <br /> WHEREAS, the Authority proposes to finance the construction of a public safety facility <br /> in the City (the "Project"), to be used by the City of Elk River, Minnesota(the "City"), and to <br /> provide funds for such purposes by the issuance of certain of its revenue bonds (the "Bonds") <br /> pursuant to the Indenture, as hereinafter further defined; <br /> WHEREAS, the Bonds will be secured by a pledge and assignment of certain rights of <br /> the Authority under a certain Lease Agreement (as hereinafter defined) and of the revenues <br /> derived by the Authority therefrom, and the Authority will grant to the Trustee (as hereinafter <br /> defined) a mortgage interest in the Project, with certain reservations; <br /> WHEREAS, the Bonds shall be payable solely from the revenues pledged therefor and <br /> shall not constitute a debt of the Authority within the meaning of any constitutional or statutory <br /> limitation nor shall they constitute or give rise to a pecuniary liability of the Authority or a <br /> charge against its general credit or taxing powers, nor constitute a charge, lien, or encumbrance, <br /> legal or equitable, upon any property of the Authority, other than its interest in the Project; and <br /> WHEREAS, in order to carry out the transaction, the Authority will lease the Project to <br /> the City pursuant to the Lease: <br /> 1431807v1 <br />