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<br />EXTRACT OF MINUTES OF MEETING OF <br />THE CITY COUNCIL OF THE <br />CITY OF 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 called and held at the City Hall on July 17, 2006, at 6:30 <br />o'clock p.m. <br /> <br />The follo\villg members were present: <br /> <br />alld tIle following were abseIlt: <br /> <br />illtroduced the following resolution aIld moved its adoption: <br /> <br />Menlber <br /> <br />RESOLUTION #06- <br /> <br />RESOLUTION CALLING FOR AN ELECTION ON PLEDGING THE CITY'S <br />FULL FAITH AND CREDIT AND RESOURCES TO $12,000,000 OF BONDS TO BE <br />ISSUED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK <br />RIVER <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Mimlesota (tile "City"), as follows: <br /> <br />1. Project. This Council has iIlvestigated the facts and does hereby find, determille <br />and declare that it is proper, necessary and expedient that the Economic Development Authority <br />of tile City of Elk River (the "EDA") isslle bOllds in an amOllut not to exceed $12,000,000 <br />secured by the pledge of the City's full faith, credit and resources to defray the expense of the <br />acqllisition alld bettennent of a commUllity centerlYMCA. <br /> <br />2. Election. TIle propositioll of pledging the City's full faith, credit and reSOllrces to <br />tIle bonds of the EDA shall be submitted to the qualified electors of the City at a special election <br />to be lleld on Septenlber 12, 2006. Said election shall be 11eld between the 110urs of7:00 a.m. <br />alld 8:00 p.lTI. Tile polling places for said election will be as follows: <br /> <br />Precinct Polling Place Address <br />1A City Hall 13065 Orono Parkway <br />1B United Methodist Clll1rch 1304 Main Street <br />2A River of Life Church 21695 Elk Lake Road <br />2B Meadowvale School 12701 Elk Lake Road <br />3A Ivan Sand School 1232 School Street <br />3B Lion's Park Center 1104 Lion's Park Drive <br />4A Twin Lakes Christian 18912 Twin Lakes Road NW <br /> Assemblies of God Church <br />4B The Church of 51. Andrew 566 4th Street <br />