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<br />. <br /> <br />. <br /> <br />. <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />ELK RIVER, MINNESOTA <br /> <br />Pursuant to due call and notice thereof ,a regular or <br />special meeting of the City Council of the City of Elk River, <br />Minnesota, was duly called and held at the Elk River City Hall on <br />September 13, 1999, beginning at 6:00 o'clock P.M., C.T. <br /> <br />The following members of the Council were present: . <br /> <br />and the following were absent: <br /> <br />Councilmember <br />following resolution and moved its adoption: <br /> <br />introduced <br /> <br />the <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION INITIATING THE PROCESS FOR THE <br />SALE OF THE CITY'S <br />GENERAL OBLIGATION IMPROVEMENT REFUNDING <br />BONDS, SERIES 1999B <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the <br />City of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. The Council hereby finds and determines the following: <br /> <br />(a) The Council believes it to be in the <br />City's best interest to consider a crossover advance <br />refunding of the City's General Obligation <br />Improvement Bonds, Series 1994A, dated June 1, 1994, <br />issued in the original principal amount of <br />$3,495,000 (the "Prior Bonds"). <br /> <br />(b) The Prior Bonds are subject to prepaYment <br />on February 1, 2001, at the option of the City at <br />the redemption price of par plus accrued interest. <br /> <br />(c) The refunding of the Prior Bonds is <br />consistent with covenants made with the holders <br />thereof and is necessary and desirable for and will <br /> <br />, <br />( <br /> <br />1080175.1 <br />