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NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
<br />Economic Development Authority for the City of Elk River, Minnesota, as follows:
<br />1. Acceptance of Offer. The offer of J.P. Moran Securities, Inc., New York, New
<br />York (the "Purchaser"), to purchase the Bonds in accordance with the terms of proposal, at the
<br />rates of interest hereinafter set forth, and to pay therefor the sum of $9,951,404.15, plus interest
<br />accrued to settlement, is hereby found, determined and declared to be the most favorable offer
<br />received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The
<br />Executive Director is directed to retain the deposit of the Purchaser and to forthwith return to the
<br />bidders any good faith checks or drafts.
<br />2. (a) Terms of Bonds; Original Issue Date; Denominations; Maturities; Term
<br />Bond Options. The Bonds shall be dated November 8, 2007, as the date of original issue, shall
<br />be issued forthwith on or after such date in fully registered form, shall be numbered from R-1
<br />upward in the denomination of $5,000 each or in any integral multiple thereof of a single
<br />maturity and shall mature on February 1 in the years and amounts as follows:
<br />Year Amount Year Amount
<br />2016 $380,000 2025 $550,000
<br />2017 395,000 2026 575,000
<br />2018 410,000 2027 600,000
<br />2019 430,000 2028 625,000
<br />2020 445,000 2029 655,000
<br />2021 465,000 2030 690,000
<br />2022 485,000 2031 720,000
<br />2023 505,000 2032 755,000
<br />2024 525,000 2033 790,000
<br />For the purpose of complying with Minnesota Statutes, Sections 469.102 and 475.54,
<br />subdivision 1, the maturity schedule for the Bonds has been combined with the maturity schedule
<br />of the $645,000 G.O. Equipment Certificates, Series 2005D, $437,000 G.O. Equipment
<br />Certificates, Series 2006B, $3,220,000 G.O. Capital Improvement Bonds, Series 2006C and the
<br />$300,000 G.O. Equipment Certificates, Series 2007B, as permitted by Minnesota Statutes,
<br />Section 475.54, subdivision 2.
<br />As may be requested by the Purchaser, one or more term Bonds may be issued having
<br />mandatory sinking fund redemption and final maturity amounts conforming to the foregoing
<br />principal repayment schedule, and corresponding additions may be made to the provisions of the
<br />applicable Bond(s).
<br />(b) Book Entr~Only System. The Depository Trust Company, a limited purpose
<br />trust company organized under the laws of the State of New York or any of its successors or its
<br />successors to its functions hereunder (the "Depository") will act as securities depository for the
<br />Bonds, and to this end:
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