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EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br />HELD: April 19, 2021 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Elk River, Minnesota, was duly called and held at the City Hall in the City on the 19' day of April, <br />2021, at 6:00 P.M. <br />The following members were present: <br />and the following were absent: <br />Member <br />introduced the following resolution and moved its adoption: <br />RESOLUTION APPROVING THE ISSUANCE OF GENERAL OBLIGATION WATER <br />UTILITY REVENUE BONDS, AND AUTHORIZING CERTAIN OTHER ACTIONS TO BE <br />TAKEN BY THE ELK RIVER MUNICIPAL UTILITIES COMMISSION WITH RESPECT <br />TO THE ISSUANCE OF GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, <br />SERIES 2021 C <br />BE IT RESOLVED by the City Council of the City of Elk River (the "City"), Minnesota, <br />as follows: <br />1. Authority. The City is authorized by Minnesota Statutes, Chapters 444 and 475, as <br />amended (the "Act"), to issue general obligation revenue bonds to finance all or a portion of the <br />cost of improvements to the water utility system within the City (the "Water Utility"), including <br />without limitation the construction of a field house facility to house service trucks, inventory, and <br />offices (the "Utility Improvements"). Water utility rates and charges may be established, levied, <br />and collected in connection with the water utility system by the Elk River Municipal Utilities <br />Commission (the "Commission") and may be pledged in accordance with Minnesota Statutes, <br />Section 444.075 to the payment of the principal of and interest on bonds issued by the City for the <br />benefit of the Commission, including bonds issued to finance the Utility Improvements. <br />2. Terms of Proposal. The City proposes to issue and the Commission proposes to <br />offer and sell General Obligation Water Utility Revenue Bonds, Series 2021C (the "Bonds"), in <br />an aggregate principal amount not to exceed $1,750,000 plus the amount of any premium, to <br />finance the Utility Improvements and pay the costs of issuing the Bonds. The terms and conditions <br />of the Bonds and the negotiation thereof are fully set forth in the "Terms of Proposal" attached <br />hereto as Exhibit A and hereby approved and made a part hereof. <br />3. Terms of Sale. The City hereby approves the issuance of the Bonds and Terms of <br />Proposal and delegates to the Commission the authority to award the sale of the Bonds in an <br />LL185-69-710070.vl <br />