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Series 1997 (City of Elk River Lease Purchase Obligation), dated December 1, 1997 (the "Series <br /> • 1997 Bonds"), the proceeds of which were used on February 1, 2000,to effect a crossover <br /> refunding of the Series 1991 Bonds; <br /> WHEREAS, in order to provide financing for a certain expansion of City Hall <br /> (the "Project"), it is proposed that the Authority issue its City Hall Expansion Revenue Bonds, <br /> Series 2002B (City of Elk River Lease Purchase Obligation), dated as of September 1, 2002 (the <br /> "Bonds"); and <br /> WHEREAS, in order to issue the Bonds in accordance with the provisions of the <br /> Indenture, it is necessary to execute certain supplements to the Indenture and the Lease,more <br /> specifically, a certain Supplement to Lease Purchase Agreement, dated as of September 1, 2002 <br /> (the "Lease Supplement"), between the City and the Authority, and a certain Supplement to Trust <br /> Indenture, dated as of September 1, 2002 (the "Indenture Supplement"),between the Authority <br /> and the Trustee under the Indenture: <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br /> Elk River Economic Development Authority(the "Authority") as follows: <br /> 1. Findings. The Authority acknowledges, finds, determines and declares that the <br /> Project and its financing will promote the welfare of the City and satisfies the purposes stated in <br /> the Act (as defined in the Indenture). <br /> 2. Authorization of Financing. Pursuant to the Lease Supplement and the Indenture <br /> 411 <br /> Supplement, and pursuant to the Lease and the Indenture, as respectively amended and <br /> supplemented thereby,the financing by the Authority of the acquisition, construction and <br /> installation of the Project and the issuance of the Bonds are hereby authorized and approved. <br /> 3. Acceptance of Purchase. The offer of <br /> (the "Purchaser"),to purchase the Authority's City <br /> Expansion Revenue Bonds, Series 2002B (City of Elk River Lease Purchase Obligation), dated <br /> as of September 1, 2002 (the "Bonds", or individually a "Bond"), in accordance with the terms <br /> and at the rates of interest set forth in the Indenture, and to pay therefor the sum of <br /> $ plus interest accrued to settlement, is hereby accepted. The Bonds <br /> shall bear interest at the rates, shall be in such amount and denominations, shall be numbered, <br /> shall be dated, shall mature, shall be subject to redemption prior to maturity, shall be in such <br /> form and shall have such other details and provisions as are prescribed by the Indenture, <br /> including particularly as amended by the Indenture Supplement. <br /> 4. Special Obligations; Security; Authorization to Execute and Deliver Indenture <br /> and Bonds. The Bonds shall be special obligations of the Authority payable solely from the <br /> revenues derived by the Authority from the Original Project and the Project and as may <br /> otherwise be available for such purposes pursuant to the Indenture. The execution, issuance and <br /> delivery of the Bonds are hereby authorized and approved. <br /> 5. Authorization to Execute and Deliver Lease Supplement and Indenture <br /> • Supplement and All Other Bond Documents. The President and the Secretary are hereby <br /> authorized to execute, attest and deliver the Indenture Supplement and the Lease Supplement <br /> 1431832v1 2 <br />