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<br />e <br /> <br />e <br /> <br />e <br /> <br />EXTRACT OF MINUTES OF A M~ETING 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 Ci ty of Elk River I <br />Minnesota, waf) duly called and held at the Elk River City Hall on <br />August 16, 1993, commencing at P.M., C.T. <br /> <br />The following Councilmembers Were present: <br /> <br />and the following were absent: <br /> <br />Councilmember <br />following resolution and moved its adoption: <br /> <br />introduced the <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION INITIATING THE PROCESS FOR THE SALE <br />OF THE CITY'S $3,525,000 GENERALOBLIGA1'ION <br />PERMANENT IMPROVEMENT REVOLVING FUND BONDS ,SERIES 1993B <br /> <br />BE IT RESOLVED by the City Council (the "CouncilU) of the <br />City of Elk River (the "city"), Minnesota, as follows: <br /> <br />1. It is hereby determined: <br /> <br />(a) . The City has duly ordered the making of, and <br />has undertaken or will undertake, the assessable and <br />vater system pUblic improvements, respectively, listed in <br />the attached Exhibit A (the "Improvements") within the <br />City, pursuant to and in full conformity with Minnesota <br />statutes, Chapter 429 and/or Section 444.075. <br /> <br />(b) It would be advantageous for the City to issue <br />its $3,525,000 General Obliqation Permanent Improvement <br />Revolvinq. Fund Bonds, Series 19938 (the "Bonds"), <br />pursuant to Minnesota Statutes, Chapters 429 and 475, to <br />provide financing for the Improvements. <br /> <br />Ce) The city has retained Springsted Incorporated, <br />in Saint Paul, Minnesota C"Springsted"}, a.s it.s <br />independent financial aavisor for the Bonas and is <br />therefore authorized to sell the Bonas by a competitive <br />negotiated sale in accordance with Minnesota Statutes, <br />Section 475.60, Subdivision 2(9). <br /> <br />245536 <br /> <br />8 d O~! 98809~8 'ON/6 [ : ~ I 'IS/O~: ~ I 86.~ I '80 WH1) <br /> <br />~v99-8~~-~!9 1nVd'IS NVDBOW 1t SDDIBH WOB~ <br />