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<br />EXTRACT OF MINUTES OF MEETING
<br />CITY COUNCIL OF THE
<br />CITY OF ELK RIVER, MINNESOTA
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<br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk River,
<br />Minnesota, was duly called and held at City Hall in Elk River, Minnesota, on Monday, December S, 200S.
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<br />The following members were present:
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<br />and the following members were absent:
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<br />Councilmember
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<br />introduced the following resolution and moved its adoption:
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<br />Resolution No. OS-_
<br />RESOLUTION CALLING FOR REDEMPTION OF OUTSTANDING:
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<br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997A, DATED AUGUST 1,1997
<br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1999A DATED JULY 1,1999
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<br />GENERAL OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND BONDS,
<br />SERIES 2000B, DATED NOVEMBER 1, 2000
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<br />GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2000C,
<br />DATED NOVEMBER 1, 2000
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<br />WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $1, 16S,000 General Obligation Improvement Bonds, Series 1997 A, dated August 1, 1997 (the
<br />"1997 A Bonds"), of which $28S,000 still remains outstanding; and
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<br />WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $S,72S,OOO General Obligation Improvement Bonds, Series 1999A, dated July 1, 1999 (the
<br />"1999A Bonds"), of which $3,S1 0,000 still remains outstanding; and
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<br />WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $1,27S,000 General Obligation Permanent Improvement Revolving Fund Bonds, Series
<br />2000B, dated November 1, 2000 (the "2000B Bonds"), of which $93S,000 still remains outstanding; and
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<br />WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $900,000 General Obligation Improvement Refunding Bonds, Series 2000C, dated November
<br />1, 2000 (the "2000C Bonds"), of which $37S,000 still remains outstanding; and
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<br />WHEREAS, all of the1997 A Bonds maturing in the years 2006 through 2013, inclusive, are subject to
<br />redemption and prepayment at the option of the City on February 1 , 200S, and on any date thereafter at a price
<br />of par, plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City
<br />Council of the City of Elk River, Minnesota on July 28, 1997, authorizing the issuance ofthe1997A Bonds (the
<br />"July 1997 Resolution"); and
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