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Larry Farber then introduced the following Resolution and moved its adoption: RESOLUTION NO. 97-69 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF THE CITY'S $335,000 GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 1997B BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Recitals. It is hereby determined: (a) That the improvements (the "Improvements") to the City's municipal water system described in the Council's resolution of June 30, 1997, relating to these Bonds have been duly ordered by the City and have been constructed by the City or will be constructed under contracts which the City has or will let therefor, all pursuant to and in accordance with the applicable provisions of Minnesota Statutes, Section 444.075. (b) That is it necessary and expedient to the sound financial management of the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, Chapter 475 and Section 444.075, to provide financing for the Improvements. (c) The Council desires that the Bonds be issued initially in "Book Entry Only Form" (as hereinafter described). 2. AcceDtance of Offer; Book Entry Bonds. (a) The offer of Norwest Investment Services, Inc. (the "Purchaser") to purchase the City's $335,000 General Obligation Water Revenue Bonds, Series 1997B (the "Bonds"), at the rates of interest and upon the other terms set forth in this Resolution, and to pay therefor the sum of $ 331,985.00 plus interest accrued to settlement, is hereby accepted. (b) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York, or any of its successors to its functions hereunder (the "Depository"), will act as securities depository for the Bonds, and to this end: 358675.1 2