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EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL
<br />CITY OF ELK RIVER, MINNESOTA
<br />HELD: January 22, 2008
<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 called and held at the City Hall
<br />on January 22, 2008, at 6:00 P.M., for the purpose, in part, of authorizing the issuance and
<br />awarding the sale of $3,045,000 General Obligation Water Revenue Refunding Bonds, Series
<br />2008A.
<br />The following members were present:
<br />and the following were absent:
<br />Member introduced the following resolution and moved its adoption:
<br />RESOLUTION NO.
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $3,045,000 GENERAL
<br />OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 2008A AND
<br />PLEDGING NET REVENUES FOR THE SECURITY THEREOF
<br />A. WHEREAS, the City Council of the City of Elk River, Minnesota (the "City"),
<br />hereby determines and declares that it is necessary and expedient to provide moneys for a current
<br />refunding of the City's $820,000 original principal amount of General Obligation Water Revenue
<br />Bonds, Series 1998B, dated December 1, 1998 (the "Prior 1998 Bonds") and a crossover advance
<br />refunding of the City's $3,590,000 original principal amount of General Obligation Water
<br />Revenue Bonds, Series 2001A, dated October 1, 2001 (the "Prior 2001 Bonds" and, together
<br />with the Prior 1998 Bonds, the "Prior Bonds"); and
<br />B. WHEREAS, $395,000 of the principal amount of the Prior 1998 Bonds which
<br />matures on and after February 1, 2009, is callable on any date after February 1, 2007, at a price
<br />of par plus accrued interest, as provided in Resolution No. 131 of the City Council, adopted on
<br />November 30, 1998 (the "Prior 1998 Resolution"), authorizing the issuance of the Prior 1998
<br />Bonds; and
<br />C. WHEREAS, $2,575,000 of the principal amount of the Prior 2001 Bonds which
<br />matures on and after February 1, 2011, is callable on February 1, 2010 (the "Crossover Date"), at
<br />a price of par plus accrued interest, as provided in Resolution No. 01-67 of the City Council,
<br />adopted on September 24, 2001, authorizing the issuance of the Prior 2001 Bonds (the "Prior
<br />2001 Resolution" and, together with the Prior 1998 Resolution, the "Prior Resolutions"); and
<br />D. WHEREAS, the refunding of the Prior 1998 Bonds maturing on and after
<br />February 1, 2009 (the "Refunded 1998 Bonds") and the Prior 2001 Bonds maturing on and after
<br />February 1, 2011 (the "Refunded 2001 Bonds" and, together with the Refunded 1998 Bonds, the
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