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<br />e <br /> <br />e <br /> <br />e <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 />May 2, 1994, 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 $1,280,000 GENERAL OBLIGATION <br />SEWER REVENUE BONDS, SERIES 1994B <br /> <br />BE IT RESOLVED by the City Council (the "Council") 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 has <br />undertaken or will undertake the public improvements <br />described in the attached Exhibit A (the "Improvements") <br />within the City pursuant to and in full conformity with <br />Minnesota Statutes, Section 444.075. <br /> <br />(b) It is necessary for the City to issue its <br />$1,280,000 General Obligation Sewer Revenue Bonds, Series <br />1994B (the "Bonds"), pursuant to Minnesota Statutes, <br />section 444.075 and Chapter 475, to provide financing for <br />the Improvements. <br /> <br />(c) The City has retained Springsted Incorporated, <br />in Saint Paul, Minnesota ("Springsted"), as its <br />independent financial advisor for the Bonds and is <br />therefore authorized to sell the Bonds by a competitive <br />negotiated sale in accordance with Minnesota Statutes, <br />section 475.60, Subdivision 2(9). <br /> <br />262817.1 <br />