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WHEREAS, the City and Authority desire to reduce debt service costs under the Series 1991 Bonds by the Authority issu- ing its City Hall and Law Enforcement Facility Revenue Refunding Bonds, Series 1997 (City of Elk River Lease Purchase Obligation), dated December 1, 1997 (the "Bonds"), proceeds of which will be used on February 1, 2000, pursuant to a certain Escrow Agreement, dated as of December 1, 1997, between the Authority and the Escrow Agent thereunder, to effect a crossover refunding of the Series 1991 Bonds; WHEREAS, in order to issue the Bonds in accordance with the provisions of the Indenture, it is necessary to execute cer- tain supplements to the Indenture and the Lease, more specific- ally, a certain Supplement to Lease Purchase Agreement, dated as of December 1, 1997 (the "Lease Supplement"), between the City and the Authority, and a certain Supplement to Trust Indenture, dated as of December 1, 1997 (the "Indenture Supplement") between the Authority and the Trustee under the Indenture; and WHEREAS, with respect to the Bonds, as long as the Lease (as supplemented by the Lease Supplement) remains in effect, the City is an obligated person under the provisions of Rule 15c2-12 (the "Rule") promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended, and is therefore subject to continuing disclosure requirements under the Rule; and accordingly, the City will enter into a certain Continuing Disclosure Agreement, dated as of December 1, 1997 (the "Continuing Disclosure Agreement"), with the Trustee: NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota, as follows: 1. Authorization of Bonds; Documents Presented. The Authority proposes to issue its $. City Hall and Law Enforcement Facility Revenue Refunding Bonds, Series 1997 (City of Elk River Lease Purchase Obligation) (the "Bonds"), dated as of December 1, 1997, payable from rental payments to be made by the City under the Lease, as amended and supplemented by the lease Supplement. The Bonds shall bear interest at the rates prescribed by the Indenture, as supplemented by the Indenture Supplement. Forms of the following documents (collectively, the "Bond Documents") relating to the Bonds have been submitted to the Council and are now on file in the office of the City: (a) the Lease Supplement; and (b) the Continuing Disclosure Agreement. 2. Approval and Execution of Bond Documents. The Mayor and the City Administrator are hereby authorized to execute and deliver, on behalf of the City, the Bond Documents in substantially the forms on file with the City, and the Bond 368962.1 2