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Resolution No. <br />Commissioner introduced the following resolution and moved its adoption: <br />Resolution Providing for the Sale of <br />$2,000,000 G.O. Bonds, Series 2008 <br />A. WHEREAS, the Board of Commissioners of the Elk River Economic Development Authority, has <br />heretofore determined that it is necessary and expedient to issue the $2,000,000 G.O. Bonds, Series <br />2008 (the "Bonds"), to fund a community center pursuant to a referendum and; <br />B. WHEREAS, the Economic Development Authority has retained Ehlers & Associates, Inc., in <br />Roseville, Minnesota ("Ehlers"), as its independent financial advisor for the Bonds and is therefore <br />authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision <br />2(9); <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Elk River Economic <br />Development Authority, as follows: <br />1. Authorization; Findings. The Board hereby authorizes Ehlers to solicit proposals for the sale of the <br />Bonds. <br />2. Meeting; Proposal Opening. The Board shall meet at City Hall on January 22, 2008, for the <br />purpose of considering a resolution awarding the sale of the Bonds. <br />3. Official Statement. In connection with said sale, the officers or employees of the City and <br />Economic Development Authority are hereby authorized to cooperate with Ehlers and participate in <br />the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the <br />Economic Development Authority upon its completion. <br />The motion for the adoption of the foregoing resolution was duly seconded by Commissioner <br />and, after full discussion thereof and upon a vote being taken thereon, the <br />following Commissioners voted in favor thereof: <br />and the following voted against the same: <br />Whereupon said resolution was declared duly passed and adopted. <br />Dated this day of <br />