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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />ELK RIVER, MINNESOTA <br /> <br />HELD: June 20,2005 <br /> <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Elk River, Sherburne County, Minnesota, was duly held in the City Hall on <br />June 20, 2005, commencing at 7:30 P.M., for the purpose, in part, of awarding the sale of the <br />$1,200,000 Liquor Store Revenue Bonds, Series 200Se. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br />adoption: <br /> <br />introduced the following Resolution and moved its <br /> <br />RESOLUTION NO. 05- <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br />OF THE CITY'S $1,200,000 LIQUOR STORE REVENUE <br />BONDS, SERIES 200SC; FIXING ITS FORM AND <br />SPECIFICATIONS; DIRECTING ITS EXECUTION AND <br />DELIVERY; AND PROVIDING FOR ITS PAYMENT <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />1. Recitals. It is hereby determined: <br /> <br />( ) The City currently owns and operates a municipal liquor store (the <br />"Existing Liquor Store"), which is in operation and for which the City issued its Liquor <br />Store Revenue Bonds, Series 1997 A. Excess funds on hand in the City's Liquor Store <br />Fund were used to payoffthe Series 1997A Bonds on June 15,2005. The City has <br />heretofore determined to acquire, construct, equip, furnish, operate, and maintain an <br />additional municipal liquor store (the "Liquor Store" and together with the Existing <br />Liquor Store, herein referred to as the "Municipal Liquor Stores"), and the costs of <br />completing (including furniture, fixtures, and equipment) and financing the Liquor Store <br />are currently estimated to be $1,750,000. <br /> <br />( ) The City is authorized to acquire and better the Liquor Store and to <br />finance the same through the issuance of the City's liquor store revenue bonds pursuant to <br />applicable law, including without limitation Minnesota Statutes, Section 426.19, and the <br />Council hereby finds that it is necessary and expedient to the sound financial <br />management of the City that the City do so. <br />