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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF <br />THE CITY OF 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 />of Elk River, Minnesota, was duly called and held at the City Hall in the City on the 15th day of <br />March, 2021, at 6:00 P.M. <br />The following members were present: Mayor Dietz, Councilmembers Christianson, <br />Westgaard, Beyer, and Wagner <br />and the following were absent: None <br />Member Wagner introduced the following resolution and moved its adoption: <br />RESOLUTION 21-20 <br />PROVIDING FOR THE COMPETITIVE <br />NEGOTIATED SALE OF $5,225,000 GENERAL OBLIGATION <br />GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN AND EQUIPMENT BONDS, <br />SERIES 2021A <br />BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: <br />1. Finding: Amount and Purpose. It is hereby found, determined and declared that the <br />City of Elk River, Minnesota (the "City"), should issue $5,225,000 General Obligation General <br />Obligation Capital Improvement Plan and Equipment Bonds, Series 2021A, to finance (i) <br />construction of various capital improvements identified in the City's 2020-2025 Capital <br />Improvement Plan adopted November 2, 2020, and (ii) the acquisition of capital equipment. <br />2. Meeting. This City Council shall meet on the date and at the time and place <br />specified in the form of Terms of Proposal attached hereto as Exhibit A for the purpose of <br />awarding the sale of the Bonds. <br />3. Competitive Ne ogtiated Sale. The City has retained Baker Tilly Municipal <br />Advisors, LLC ("Baker Tilly MA") as an independent municipal advisor, and the City Council <br />hereby determines to sell the Bonds by private negotiation, by way of a competitive sale in <br />response to Terms of Proposal for the Bonds which are not published in any newspaper or journal. <br />4. Terms_ of Proposal. The terms and conditions of the Bonds and the sale thereof are <br />fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby made a part <br />hereof, provided that the Bonds may be issued in one or more series. <br />EL185-65-699635.v1 <br />