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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: JANUARY 22, 2008 <br />Pursuant to due call and notice thereof, a regular or special meeting of the Board of <br />Commissioners of the Economic Development Authority for the City of Elk River, Sherburne <br />County, Minnesota, was duly held at the City Hall, in the City of Elk River on January 22, 2008 at <br />6:30 P.M. for the purpose of awarding the sale of $2,000,000 General Obligation Bonds, Series <br />2008A of the Authority. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION 08- <br />RESOLUTION ACCEPTING OFFER ON THE SALE OF $2,000,000 <br />GENERAL OBLIGATION BONDS, SERIES 2008A, PROVIDING FOR THEIR <br />ISSUANCE <br />AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the Board of Commissioners of the Economic Development Authority <br />for the City of Elk River, Minnesota (the "Authority"), has heretofore determined that it is necessary <br />and expedient to issue its $2,000,000 General Obligation Bonds, Series 2008A (the "Bonds") <br />pursuant to Minnesota Statutes, Sections 469.102 and Chapter 475 to provide funds to finance the <br />acquisition and betterment. of a recreational facility within the City (the "Project"); and <br />B. WHEREAS, the City of Elk River, Minnesota (the "City") has, by its Ordinance No. <br />07-13, adopted on October 15, 2007 (the "Ordinance") in accordance with Minnesota Statutes, <br />Section 469.060, consented to the pledge of its full faith, credit and resources to the payment of the <br />Bonds; and <br />C. WHEREAS, offers to purchase the Bonds were solicited on behalf of the Authority <br />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 offices <br />of Ehlers and Associates, Inc. ("Ehlers") at 11:00 a.m. this same day: <br />Bidder Interest Rate Net Interest Cost <br />(See attached) <br />2114906x1 <br />