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<br />EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE <br />CITYOF ELK RIVER, MINNESOTA <br />HELD: March 15,2021 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />ofElk River, Minnesota, was duly called and held at theCity Hall in the Cityon the 15thday of <br />March,2021, at 6:00P.M. <br />The following members were present: <br />and the following were absent: <br />Member ____________introduced the following resolution and moved its adoption: <br />RESOLUTION APPROVING THE ISSUANCE OF ELECTRIC REVENUE BONDS, AND <br />AUTHORIZING CERTAIN OTHER ACTIONS TO BE TAKEN BY THE ELK RIVER <br />MUNICIPAL UTILITIES COMMISSION WITH RESPECT TO THE ISSUANCE OF <br />ELECTRIC REVENUE BONDS, SERIES 2021B <br />BE IT RESOLVED by the City Council of the City of Elk River(the, <br />Minnesota, as follows: <br />1.Authority.The City is authorized by Minnesota Statutes, Chapter 453, as <br />any plant, works, system, facilities, and real and personal property of any nature, together with <br />all parts thereof and appurtenances thereto, used or useful in the generation, production, <br />transmission, purchase, sale, exchange, or interchange of electric energy or any interest therein <br />or capacity thereof.Rents, rates, and charges may be established, levied, and collected in <br />connection with the electric utility system of theElk River Municipal Utilities Commission (the <br />and may be pledged to the payment of the principal of and interest on bonds <br />issued by the City for the benefit of the Commission, including bonds issued to finance the <br />electric utility system of the Commission. <br />2.Terms of Proposal.The City proposes to issue and the Commission proposes to <br />offer and sell Electric Revenue Bonds, Series 2021B, in an aggregateprincipal <br />amount not to exceed$14,460,000plus the amount of any premium, tofinance the construction <br />of a field house facility tohouse service trucks, inventory, and officesandpay the costs of <br />issuing the Bonds. The terms and conditions ofthe Bonds and the negotiation thereof are fully <br />Exhibit Aand hereby approved and made <br />a part hereof. The Bonds shall be special obligations of the City payable solelyfrom the net <br />revenues of the electric utility system of the Commission and shall not constitute a debt for <br />which the full faith and credit or taxing powers of the City will be pledged. <br />EL185-68-699667.v1 <br />347 <br />