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RESOLUTION 02-04 EXTRACT OF MINUTES OF A MEETING OF THE • BOARD OF COMMISSIONERS OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY Pursuant to due call and notice thereof, a regular or special meeting of the Board of Commissioners of the Elk River Economic Development Authority was duly called and held at the Elk River City Hall on August 12, 2002, commencing at approximately 6:00 o'clock P.M. The following Commissioners were present: Dwyer, Tveite,Kuester, Motin, and Klinzing and the following were absent: Gongoll and Koenig Commissioner Motin introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING THE ISSUANCE OF PUBLIC SAFETY BUILDING LEASE REVENUE BONDS, SERIES 2002A (CITY OF ELK RIVER, MINNESOTA LEASE OBLIGATION) AND THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT, A MORTGAGE AND SECURITY AGREEMENT AND INDENTURE OF TRUST AND OTHER DOCUMENTS IN CONNECTION THEREWITH WHEREAS, applicable provisions of Minnesota Statutes, Chapter 469 (the "Act"), • authorize the Elk River Economic Development Authority(the "Authority")to issue revenue bonds, in anticipation of the collection of revenues of a project, to finance, in whole or in part, the cost of acquisition, construction, reconstruction, improvement, betterment or extension of a project; WHEREAS,the Authority proposes to finance the construction of a public safety facility in the City(the "Project"), to be used by the City of Elk River, Minnesota(the "City"), and to provide funds for such purposes by the issuance of certain of its revenue bonds (the "Bonds") pursuant to the Indenture, as hereinafter further defined; WHEREAS,the Bonds will be secured by a pledge and assignment of certain rights of the Authority under a certain Lease Agreement (as hereinafter defined) and of the revenues derived by the Authority therefrom, and the Authority will grant to the Trustee (as hereinafter defined) a mortgage interest in the Project, with certain reservations; WHEREAS,the Bonds shall be payable solely from the revenues pledged therefor and shall not constitute a debt of the Authority within the meaning of any constitutional or statutory limitation nor shall they constitute or give rise to a pecuniary liability of the Authority or a charge against its general credit or taxing powers, nor constitute a charge, lien, or encumbrance, Iegal or equitable, upon any property of the Authority, other than its interest in the Project; and WHEREAS, in order to carry out the transaction,the Authority will lease the Project to the City pursuant to the Lease: 1431807v1