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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: MAY 1,2006 <br /> <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Elk River, Sherburne County, Minnesota, was duly held at the City Hall on May 1, <br />2006, at 7:30 P.M., for the purpose, in part, of awarding the sale of the $437,000 General <br />Obligation Equipment Certificate, Series 2006B. <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 NO. 06- <br /> <br />RESOLUTION AWARDING THE SALE OF THE $437,000 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATE, SERIES 2006B; FIXING ITS FORM AND SPECIFICATIONS; <br />DIRECTING ITS EXECUTION AND DELIVERY; AND PROVIDING FOR ITS PAYMENT <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />1. It is hereby determined: <br /> <br />(a) It is necessary and expedient to issue the City's $437,000 General Obligation <br />Equipment Certificate, Series 2006B (the "Certificate") pursuant to Minnesota Statutes, Section <br />412.301, to finance the costs of the City's acquisition of certain public works equipment (the <br />"Equipment"). <br /> <br />(b) The Equipment has an expected useful life at least as long as the final maturity of <br />the Certificate, and the principal amount of the Certificate does not exceed one-quarter of one <br />percent (0.25%) of the market value of the taxable property in the City ($1,540,274,950 times <br />0.25% is $3,850,687). <br /> <br />(c) The City is authorized to issue the Certificates pursuant to Minnesota Statutes, <br />Section 475.60, Subdivision 2(1), in such manner and on such terms and conditions as <br />determined by the City Council. <br /> <br />2. The offer of The Bank of Elk River, in Elk River, Minnesota (the "Purchaser"), to <br />purchase the Certificate is hereby accepted, such offer being to purchase the Certificate at a price <br />of par ($437,000), the Certificate to be subject to the terms and conditions herein provided. <br /> <br />3. The Certificate shall be dated June 1,2006, shall be a single, fully registered <br />obligation without interest coupons, shall bear interest payable semiannually on February 1 and <br />