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RESOLUTION 07-82 <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />BOARD OF COMMISSIONERS OF THE <br />ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, <br />MINNESOTA <br />HELD: OCTOBER 15, 2007 <br />Pursuant to due call and notice thereof, a special meeting of the Board of Commissioners <br />of the Economic Development Authority for the City of Elk River, Sherburne County, <br />Minnesota, was duly held at the City Hall, in the City of Elk River on October 15, 2007 at 6:30 <br />P.M. for the purpose of awarding the sale of $10,000,000 General Obligation Bonds, Series 2007 <br />of the Authority. <br />The following members were present: Jeff Gongoll, Pat Dwyer, Larry Farber, Stephanie <br />Klinzing, Paul Motin, Dan Treite and Nick Zerwas; <br />and the following were absent: none. <br />Member Dwyer introduced the following resolution and moved its adoption: <br />RESOLUTION ACCEPTING OFFER ON THE SALE OF $10,000,000 <br />GENERAL OBLIGATION BONDS, SERIES 2007, PROVIDING FOR THEIR ISSUANCE <br />AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the Board of Commissioners of the Economic Development <br />Authority for the City of Elk River, Minnesota (the "Authority"), has heretofore determined that <br />it is necessary and expedient to issue its $10,000,000 General Obligation Bonds, Series 2007 (the <br />"Bonds") pursuant to Minnesota Statutes, Sections 469.102 and Chapter 475 to provide funds to <br />finance the acquisition and betterment of a recreational facility within the City (the "Project"); <br />and <br />B. WHEREAS, the City of Elk River, Minnesota (the "City") has, by its Ordinance <br />No. 07-13 adopted on October 15, 2007 (the "Ordinance") in accordance with Minnesota <br />Statutes, Section 469.060, consented to the pledge of its full faith, credit and resources to the <br />payment of the Bonds; and <br />G WHEREAS, offers to purchase the Bonds were solicited on behalf of the <br />Authority by Ehlers and Associates, Inc.; and <br />D. WHEREAS, it is in the best interests of the Authority that the Bonds be issued in <br />book-entry form as hereinafter provided; and <br />E. WHEREAS, the following offers were received, opened and recorded at the <br />offices of Ehlers and Associates, Inc. ("Ehlers") at 12:00 noon this same day: <br />Bidder Interest Rate Net Interest Cost <br />(See attached) <br />2084694x1 <br />