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EXTRACT OF MINUTES OF A MEETING OF THE <br /> 411 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> Pursuant to due call and notice thereof, a regular or <br /> special meeting of the Board of Commissioners (the "Board" ) of <br /> the Elk River Economic Development Authority (the "EDA" ) was duly <br /> held at the Elk River City Hall on October 20, 1997, beginning at <br /> P.M. for the purpose in part of authorizing the competitive <br /> negotiated sale of the EDA' s City Hall and Law Enforcement <br /> Facility Revenue Refunding Bonds, Series 1997 . <br /> The following Boardmembers were present : <br /> and the following were absent : <br /> • Boardmember introduced the following <br /> resolution and moved its adoption: <br /> RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED <br /> SALE OF THE EDA' S <br /> • CITY HALL AND LAW ENFORCEMENT FACILITY <br /> REVENUE REFUNDING BONDS, SERIES 1997 <br /> A. WHEREAS, the Board believes it expedient to issue <br /> the EDA' s City Hall and Law Enforcement Facility Revenue <br /> Refunding Bonds, Series 1997 (the "Bonds" ) , to refund the EDA' s <br /> $2, 740, 000 City Hall and Law Enforcement Facility Revenue Bonds, <br /> Series 1997 (City of Elk River Lease Purchase Obligation) , dated <br /> November 1, 1991; <br /> B. WHEREAS, the Board has retained Springsted <br /> Incorporated, in Saint Paul, Minnesota ("Springsted") , as its <br /> independent financial advisor for this financing and is therefore <br /> authorized to sell these obligations by a competitive negotiated <br /> sale in accordance. with Minnesota Statutes, Section 475 . 60, <br /> Subdivision 2 (9) : <br /> • 366825.1 <br />