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EXTRACT OF MINUTES OF A MEETING OF THE <br /> 111) -. CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA <br /> Pursuant to due call and notice thereof; a regular meeting of the City Council of the City <br /> of Elk River, Minnesota was duly called and held at the City Hall on August 12, 2002, <br /> commencing at approximately o'clock P.M. <br /> The following Councilmembers were present: <br /> and the following were absent: <br /> Councilmember introduced the following resolution and moved its <br /> adoption: <br /> RESOLUTION NO. 02- <br /> • RESOLUTION AUTHORIZING <br /> THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT <br /> AND CONTINUING DISCLOSURE UNDERTAKING <br /> WHEREAS, the City of Elk River, Minnesota(the "City"), is authorized, pursuant to <br /> Minnesota Statutes, Section 465.71, to enter into lease purchase agreements; <br /> WHEREAS, the Elk River-Economic Development Authority, a body corporate and <br /> politic (the "Authority"), has agreed to enter into a certain Lease Agreement (the "Lease") with <br /> the City pursuant to which the City and the Authority will provide for construction of a public <br /> safety facility(the "Project") to be used by the City; <br /> WHEREAS, in order to carry out the transaction, the Authority will lease the Project to <br /> the City pursuant to the Lease; <br /> WHEREAS, the Authority will issue certain of its revenue bonds (the "Bonds) to provide <br /> funds to finance the Project pursuant to a Mortgage and Security Agreement and Indenture of <br /> Trust, dated as of September 1, 2002 (the "Indenture"), between the Authority and U.S. Bank <br /> National Association, as mortgagee and Trustee, setting forth the form and details of the Bonds <br /> and their issuance, pledging the rental payments derived from the Lease to the payment of the <br /> Bonds and granting to the Trustee a mortgage interest in the Project, with certain reservations, as <br /> 1 security for the Bonds; and <br /> 1431807v1 <br />