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<br />RESOLUTION 06- <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: NOVEMBER 20, 2006 <br /> <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Elk River, Sherburne County, Minnesota, was duly held at the City Hall on <br />November 20, 2006, at _ P.M., fI)f the purpose, in part, of authorizing the issuance and <br />awarding the sale of $3,220,000 General Obligation Capital Improvement Plan Bonds, Series <br />2006C. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $3,220,000 GENERAL <br />OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2006C AND LEVYING <br />A TAX FOR THE PAYMENT THEREOF <br /> <br />A. WHEREAS, on August 21,2006, the City of Elk River, Minnesota (the "City"), <br />held a public hearing and adopted the City of Elk River Modification to the Five-Year Capital <br />Improvement Plan, 2006-2010 (the "Plan") and on the proposed issuance of general obligation <br />capital improvement plan bonds in accordance with the provisions of Minnesota Statutes, <br />Section 475.521; the Plan provides, in part, for the acquisition and betterment of a new library <br />facility (the "Project"); and <br /> <br />B. WHEREAS, no petition signed by voters equal to five percent of the votes cast in <br />the City in the last general election requesting a vote on the issuance of the general obligation <br />capital improvement plan bonds has been filed with the Clerk within thirty days after the public <br />hearing on the Plan and on the issuance of the general obligation capital improvement plan <br />bonds; and <br /> <br />C. WHEREAS, the City Council hereby determines and declares that it is necessary <br />and expedient to issue $3,220,000 General Obligation Capital Improvement Plan Bonds, Series <br />2006C (the "Bonds" or, individually, a "Bond"), pursuant to Minnesota Statutes, Section 475.521 <br />and Chapter 475, to provide funds to finance the Project; and <br /> <br />D. WHEREAS, the City has heretofore determined, in accordance with Minnesota <br />Statutes, Section 475.521, Subd. 4, that the principal and interest to become due in any year on <br />all the outstanding bonds issued by the City under Minnesota Statutes, Section 475.521, <br />including the Bonds, will be less than 0.16 percent of the taxable market value of property in the <br />City; and <br /> <br />1965783vl <br />