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. . . WITNESS my hand and Harch, 1990. this ,;(r( day of .....' I...ne seal of the C~ ""'17 _ _ f (Seal) ~- ., It was then reported that i proposals for the purchase of the bonds had been received. The proposals received are described on the schedule attached hereto. Member Dobel then introduced the following resolution and moved its adoption: RESOLUTION NO. 90-10 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS, AND PROVIDING FOR THE PAYMENT OF $400,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1990A BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the Issuer), as follows: Section 1. Authorization and Sale. 1.01. This Council, by resolution duly adopted February 12, 1990, authorized the issuance and sale of General Obligation Taxable Tax Increment Bonds, Series 1990A, of the Issuer, hereinafter called "the Bonds," to finance the cost of acquiring certain land (the Project) under a tax increment financing plan in Tax Increment Financing District No. 7 (the District) established by the Issuer. 1.02. The resolution adopted by this Council on February 12, 1990, authorized Springsted Incorporated, the Issuer's fiscal consultant, to seek proposals for the purchase of the Bonds and contemplated that those proposals would be considered at the meeting of this Council to be held March 12, 1990. Subsequently, it was determined that it was advisable to postpone consideration of proposals for the purchase of the Bonds until the meeting of this Council to be held March 26, 1990. 1.03. Springsted Incorporated has obtained several proposals from prospective purchasers of the Bonds, which proposals have been presented by Springsted to this Council. The most favorable of such proposals is determined to be that 2.