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NOW, THEREFORE,BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority for the City of Elk River,Minnesota, as follows: 1. Acceptance of Offer. The offer of Harris,N.A., Chicago, Illinois (the "Purchaser"),to purchase the Bonds in accordance with the terms of proposal, at the rates of interest hereinafter set forth,and to pay therefor the sum of$2,036,541.75,plus interest accrued to settlement, is hereby found,determined and declared to be the most favorable offer received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The Executive Director is directed to retain the deposit of the Purchaser and to forthwith return to the bidders any good faith checks or drafts. 2. (a) Terms of Bonds; Original Issue Date; Denominations; Maturities; Term Bond Options. The Bonds shall be dated February 20, 2008, as the date of original issue, shall be issued forthwith on or after such date in fully registered form, shall be numbered from R-1 upward in the denomination of$5,000 each or in any integral multiple thereof of a single maturity and shall mature on February 1 in the years and amounts as follows: Year Amount Year Amount 2009 $225,000 2013 $300,000 2010 265,000 2014 315,000 2011 275,000 2015 330,000 2012 290,000 • As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). (b) Book Entry Only System. The Depository Trust Company,a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder(the "Depository")will act as securities depository for the Bonds, and to this end: (i) The Bonds shall be initially issued and, so long as they remain in book • entry form only(the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under paragraphs 5 (with respect to redemption)and 10 (with respect to registration,transfer and exchange)Authorized Denominations for any Bond shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that Bond. (ii) Upon initial issuance, ownership of the Bonds shall be registered in a bond register maintained by the Bond Registrar in the name of CEDE &CO., as the nominee (it or any nominee of the existing or a successor Depository,the "Nominee"). • 2114906v1 2