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CITY OF ELK RIVER, MINNESOTA RESOLUTION NO.24-43 APPOINTING BOND TRUST SERVICES CORPORATION AS FISCAL AGENT IN CONNECTION WITH CERTAIN OUTSTANDING OBLIGATIONS WHEREAS, the City of ELK RIVER (the "CITY") has outstanding certain debt obligations described below (collectively, the "Obligations"); I. $32,715,000 General Obligation Sales Tax Revenue Bonds, Series 2019A II. $9,435,000 General Obligation Capital Improvement Plan Bonds, Series 2020A III. $5,340,000 General Obligation Capital Improvement Refunding Bonds, Series 2020B IV. $7,200,000 Taxable General Obligation Sewer Revenue Refunding Bonds, Series 2020C V. $4,805,000 General Obligation Capital Improvement Plan and Equipment Bonds, Series 2021A WHEREAS, the Obligations were issued in book -entry -only form registered in the name of CEDE & CO. as nominee of The Depository Trust Company, New York, New York ("DTC"), and DTC acts as securities depository for the Obligations; WHEREAS, the CITY Council deems it to be necessary, desirable and in the best interest of the CITY to appoint a new bank or trust company to serve as fiscal agent and to perform the duties of registrar, paying agent, transfer agent, authenticating agent and fiscal agent (the "Fiscal Agent") for such Obligations; and WHEREAS, U.S. Bank Trust Company, a national banking association, is currently acting as Fiscal Agent for the Obligations and deems it to be necessary, desirable and in the best interest of the CITY to appoint Bond Trust Services Corporation as successor Fiscal Agent for the Obligations. NOW, THEREFORE, the CITY Council of the ELK RIVER, MN, does resolve that: Section 1. Appointment of Fiscal Agent. The principal of and interest on the Obligations shall be paid by Bond Trust Services Corporation, Roseville, Minnesota, which is hereby appointed as the CITY 's Fiscal Agent ("BTSC"), pursuant to the provisions of Section Sec. 475.553, Minnesota Statues, to be effective immediately upon adoption and approval as of the date of this resolution and upon compliance with allrequirements to appoint a successor Fiscal Agent under the documents relating to the Obligations. Section 2. Fiscal Agency Agreement. The Fiscal Agency Agreement between the CITY and BTSC shall be substantially in the forms attached hereto as Exhibit A and is hereby approved, and the CITY shall pay such fees and expenses of BTSC set forth in the Fiscal Agency Agreement. The CITY "Mayor" is hereby authorized to execute the Fiscal Agency Agreement.