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<br />RESOLUTION 06- <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: February 6,2006 <br /> <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 of Elk River, <br />Minnesota on February 6,2006, at 6:30 o'clock P.M. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION CONCURRING IN THE ACTION OF THE BOARD OF COMMISSIONERS <br />OF THE PUBLIC UTILITIES COMMISSION OF THE CITY OF ELK RIVER, MINNESOTA, <br />IN PROVIDING FOR THE ISSUANCE AND SALE OF $3,595,000 ELECTRIC REVENUE <br />BONDS, SERIES 2006A <br /> <br />A. WHEREAS, the Public Utilities Commission of the City of Elk River, Minnesota <br />(the "Commission") has determined to undertake capital improvements to the municipal electric <br />light and power plant and distribution system of the City (the "Electric System") consisting of <br />improvements and extensions to the Electric System (the "Project"); and will finance the Project <br />by the issuance ofthe City's $3,595,000 Electric Revenue Bonds, Series 2006A (the "Series <br />2006A Bonds"); and <br /> <br />B. WHEREAS, the Commission has presented to the City Council a copy of a <br />resolution (the "Bond Resolution") entitled "Resolution Providing for the Issuance and Sale of <br />$3,595,000 Electric Revenue Bonds, Series 2006A and Pledging Net Revenues for the Security <br />Thereof," to be considered for adoption by the Commission. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, the City Council hereby concurs in the Bond Resolution of the Commission <br />providing for the issuance and sale of the Series 2006A Bonds, hereby joins in and adopts the <br />Bond Resolution and makes the determinations and findings set forth in the Bond Resolution <br />with the same force and effect as if the Bond Resolution had been adopted by the City Council. <br /> <br />The motion for the adoption of the foregoing resolution was seconded by member <br />and upon a vote being taken thereon, the following voted in favor <br /> <br />thereof: <br /> <br />and the following voted against the same: <br /> <br />Whereupon the resolution was declared duly passed and adopted. <br />