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• EXTRACT OF MINUTES OF A MEETING OF THE <br /> BOARD OF COMNIISSIONERS OF THE <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> Pursuant to due call and notice thereof; a regular or special meeting of the Board <br /> of Commissioners of the Elk River Economic Development Authority (the "Authority"), located <br /> in the City of Elk River, Minnesota, was duly called and held at the Elk River City Hall on <br /> August 12, 2002, commencing at approximately 6:00 P.M., C.T. <br /> The following Commissioners were present: <br /> and the following were absent: <br /> Commissioner introduced the following resolution and <br /> moved its adoption: <br /> RESOLUTION AUTHORIZING <br /> THE ISSUANCE OF CITY HALL EXPANSION <br /> REVENUE BONDS, SERIES 2002B (CITY OF ELK RIVER <br /> • LEASE PURCHASE OBLIGATION) AND THE EXECUTION <br /> AND DELIVERY OF A SUPPLEMENT TO LEASE PURCHASE AGREEMENT <br /> AND A SUPPLEMENT TO TRUST INDENTURE <br /> IN CONNECTION THEREWITH <br /> WHEREAS, pursuant to a certain Trust Indenture, dated as of November 1, 1991 <br /> (as heretofore amended and supplemented and as amended and supplemented by the Indenture <br /> Supplement hereinafter described, the "Indenture"), the Authority issued its $2,740,000 City Hall <br /> and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation), <br /> Series 1991, dated November 1, 1991 (the "Series 1991 Bonds"); <br /> WHEREAS, pursuant to a certain Lease Purchase Agreement, dated as of <br /> November 1, 1991 (as heretofore amended and supplemented and as amended and supplemented <br /> by the Lease Supplement hereinafter described, the "Lease"), which was executed and delivered <br /> in connection with the issuance of the Series 1991 Bonds, the Authority leased to the City certain <br /> land and certain buildings constructed and located thereon (collectively, the "Original Project"), <br /> which the City now occupies and uses for City Hall and related public purposes, and the City <br /> agreed to pay to the Authority certain Basic Rent (as defined in the Lease); <br /> WHEREAS, in order to reduce the debt service costs on the Series 1991 Bonds, <br /> the Authority issued its City Hall and Law Enforcement Facility Revenue Refunding Bonds, <br /> • Series 1997 (City of Elk River Lease Purchase Obligation), dated December 1, 1997 (the "Series <br /> 1431832v1 <br />