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<br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: March 5, 2007 <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, Minnesota, was duly called and held at the City Hall in the City of Elk <br />River, Minnesota on March 5, 2007, at 6:30 o'clock P.M. <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 ACCEPTING PROPOSAL AND CONCURRING IN THE ACTION OF THE <br />BOARD OF COMMISSIONERS OF THE PUBLIC UTILITIES COMMISSION OF THE CITY <br />OF ELK RIVER, MINNESOTA, IN PROVIDING FOR THE ISSUANCE AND SALE OF <br />$2,875,000 ELECTRIC REVENUE BONDS, SERIES 2007A <br /> <br />A. WHEREAS, the Public Utilities Commission of the City of Elk River, Minnesota <br />(the "Commission") has determined to undertake capital improvements to the municipal electric <br />light and power plant and distribution system of the City (the "Electric System") consisting of <br />improvements and extensions to the Electric System (the "Project"); and will finance the Project <br />by the issuance of the City's $2,875,000 Electric Revenue Bonds, Series 2007 A (the "Series <br />2007 A Bonds"); and <br /> <br />B. WHEREAS, the Commission has presented to the City Council a copy of a <br />resolution entitled "Resolution Providing for the Issuance and Sale of $2,875,000 Electric <br />Revenue Bonds, Series 2007 A and Pledging Net Revenues for the Security Thereof," duly <br />adopted by the Commission at its February 20, 2007, meeting (the "Bond Resolution"); and <br /> <br />C. WHEREAS, the Bond Resolution delegated to the City Council the authority to <br />accept, on the Commission's behalf (a) the most favorable proposal for the purchase of the Series <br />2007 A Bonds, (b) the interest rates for the Series 2007 A Bonds, and ( c) the amount of the <br />Purchaser's discount. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota: <br /> <br />I. The City Council hereby joins in, concurs with, adopts and makes the <br />determinations and findings set forth in the Bond Resolution with the same force and effect as if <br />the Bond Resolution had been adopted by the City Council. <br /> <br />2. Based on the delegation of the Commission by the Bond Resolution, the City <br />Council hereby accepts the proposal of (the "Purchaser"), to <br />purchase the Series 2007A Bonds in accordance with the Terms of Proposal, at the rates of <br /> <br />1995343v1 <br />