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EXTRACT OF MINUTES OF A MEETING OF THE <br />MUNICIPAL UTILITIES COMMISSION <br />OF THE CITY OF ELK RIVER, MINNESOTA <br />HELD: December 11, 2007 <br />Pursuant to due call and notice thereof, a regular or special meeting of the Municipal <br />Utilities Commission of the City of Elk River, Minnesota, was duly held at the office of the <br />Municipal Utilities Commission in the City of Elk River, Minnesota on December 11, 2007, at <br />4:00 o'clock P.M. <br />The following members were present: James Tralle, Jerome Takle, Jerry Gumphrey <br />and the following were absent: none <br />Member _James Tralle_ introduced the following resolution and moved its adoption: <br />RESOLUTION CONCURRING IN THE ACTION OF THE CITY COUNCIL OF THE CITY <br />OF ELK RIVER, MINNESOTA, IN PROVIDING FOR THE SALE OF $3,590,000 GENERAL <br />OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 2008A <br />BE IT RESOLVED by the Board of Commissioners of the Municipal Utilities <br />Commission of the City of Elk River, Minnesota (the "Commission"), as follows: <br />Section 1. Recitals. The City of Elk River, Minnesota (the "City") owns and operates <br />a municipal water system (the "System") which is under the jurisdiction of the Municipal <br />Utilities Commission of the City of Elk River, Minnesota (the "Commission"). On the date <br />hereof, the City Council adopted a resolution providing for the sale of $3,590,000 General <br />Obligation Water Revenue Refunding Bonds, Series 2008A (the "Bonds"). The City Council <br />will, at a later date, adopt another resolution which will provide for the issuance of the Bonds. <br />Proceeds of the Bonds will be used, pursuant to a current refunding, to refund $395,000 <br />aggregate principal amount of the City's General Obligation Water Revenue Bonds, Series <br />1998B, dated December 1, 1998, and, pursuant to a crossover refunding, to refund $3,590,000 <br />aggregate principal amount of the City's General Obligation Water Revenue Bonds, Series <br />2001A, dated October 1, 2001 (together, the "Refunded Bonds"). Proceeds of the Refunded <br />Bonds were used to finance improvements to the System. <br />Section 2. Refunding Purpose. The refunding of the Refunded Bonds, is consistent <br />with covenants made with the holders thereof, and is necessary and desirable for the reduction of <br />debt service cost to the City and thus to the Commission. Proceeds of the Bonds shall be <br />expended on costs relating to the refunding of the Refunded Bonds and shall not be expended on <br />or devoted to any other uses. <br />Section 3. System Revenues Pledged. The Commission hereby acknowledges that <br />the Refunded Bonds are and that the Bonds will be payable from the net revenues of the System. <br />2I14205vI <br />