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NOW, THEREFORE, BE IT RESOLVED by the Board, as <br /> 410 follows : <br /> 1 . Authorization; Findings . The Board hereby <br /> authorizes Springsted to solicit bids for the competitive <br /> negotiated sale of the Bonds . <br /> 2 . Meeting; Bid Opening. The Board shall meet at the <br /> time and place specified in the Terms of Proposal attached hereto <br /> for the purpose of considering sealed bids for, and awarding the <br /> sale of, the Bonds . The Secretary of the Board, or designee, <br /> shall open bids at the time and place specified in such Terms of <br /> Proposal . <br /> 3 . Terms of Proposal . The terms and conditions of <br /> the Bonds and the negotiation thereof are set forth in the Terms <br /> of Proposal attached hereto and hereby approved and made a part <br /> hereof . <br /> 4 . Official Statement. In connection with said sale, <br /> the Secretary and other officers or employees of the Board are <br /> hereby authorized to cooperate with Springsted and participate in <br /> the preparation of an official statement for the Bonds and to <br /> execute and deliver it on behalf of the Board upon its <br /> completion. <br /> Adopted by Board of Commissioners of the Elk River Economic <br /> • Development Authority on October 20, 1997 . <br /> The motion for the adoption of the foregoing resolution <br /> was duly seconded by Boardmember Thompson and, after full <br /> discussion thereof and upon a vote being taken thereon, the <br /> following Boardmembers voted in favor thereof : <br /> Dwyer, Thompson, Farber, Holmgren, Bender, and Duitsman <br /> and the following voted against the same: <br /> None <br /> 410 366825.1 2 <br />