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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />ELK RIVER, MINNESOTA <br /> <br />HELD: July 17, 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 held at the City Hall in said City on Monday, the 17th day of <br />July, 2006, at 6:30 o'clock P.M., for the purpose in part of calling for a public hearing on a <br />lTIodification to its capital improvement plan and the issuance of Capital Improvement Bonds. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />Men1ber <br /> <br />RESOLUTION CALLING FOR A PUBLIC HEARING ON <br />A CAPITAL IMPROVEMENT PLAN AND THE ISSUANCE OF <br />CAPITAL IMPROVEMENT BONDS <br /> <br />WHEREAS, <br /> <br />A. Pursuant to Minnesota Statutes, Section 475.521, the City of Elk River, <br />Minnesota (the "City") is authorized to adopt a capital improvement plan and issue bonds to <br />finance capital improvements described therein; and <br /> <br />B. Prior to the issuance of bonds for a capital improvement project, the City Council <br />must hold a public hearing, as required by Mi1ll1esota Statutes, Section 410.326, Subdivision 2; <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: <br /> <br />(1) Hearing. A public hearing on the adoption of the modified Capital <br />Improvement Plan and the issuance of Capital hnprovement Bonds to finance capital <br />improvements related to funding and construction of a new library will be held at the time and <br />place set forth in the Notice of Hearing attached hereto as Exhibit A and hereby made a part <br />hereof. <br /> <br />(2) Notice. The City Clerk is hereby authorized and directed to cause notice <br />of said hearing in substantially the form attached hereto as Exhibit A to be given one publication <br />ill a newspaper of general circulation in the City at least 14 days but not more than 28 days <br />before the hearing. The newspaper must be the City's official newspaper or one of general <br />circulation in the City, and the notice must be published at least once. <br /> <br />1542675v1 <br />