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<br />. <br /> <br />. <br /> <br />. <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />ELK RIVER, MINNESOTA <br /> <br />Pursuant to due call and notice thereof, a regular or <br />special meeting of the City Council of the City of Elk River, <br />Minnesota, was duly called and held at the Elk River City Hall on <br />March 8, 1993, beginning at o'clock P.M., C.T. <br /> <br />The following members of the Council were present: <br /> <br />and the following were absent: <br /> <br />Councilmember <br />following resolution and moved its adoption: <br /> <br />introduced <br /> <br />the <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION INITIATING THE PROCESS FOR THE <br />SALE OF THE CITY'S <br />GENERAL OBLIGATION REFUNDING <br />BONDS, SERIES 1993A <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the <br />City of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. <br />following: <br /> <br />The Council hereby finds and determines the <br /> <br />(a) The Council believes it to be in the <br />City's best interest to consider a refunding of the <br />callable bonds of (i) the City's General Obligation <br />Tax Increment Bonds, Series 1985A, dated September <br />1, 1985, issued in the original principal amount of <br />$850,000 (the "1985A Bonds"), and (ii) the City's <br />General Obligation Tax Increment Bonds, Series <br />1985B, dated September 1, 1985, issued in the <br />original principal amount of $130,000 (the "1985B <br />Bonds"). <br /> <br />235069 <br />