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RESOLUTION 08-07 • EXTRACT OF MINUTES OF A MEETING OF THE CI I'Y COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: January 22, 2008 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Elk River, Minnesota, was duly held at the City Hall on January 22, 2008, at 6:30 P.M. The following members were present: Stephanie Klinzing, Lang Farber and Paul Motin; and the following were absent: Jerry Gumphrey and Nick Zerwas Member Motin introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING A CONTINUING DISCLOSURE UNDERTAKING W1TH REGARD TO THE ISSUANCE OF $2,000,000 GENERAL OBLIGATION BONDS, SERIES 2008A OF THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA A. WHEREAS, the Econonuc Development Authority for the City of Elk • River, Minnesota, a body corporate and politic (the "Authority"), will provide for the acquisition and betterment of a recreational facility (the "Project") to be leased to the YMCA; and B. WHEREAS, at the request of the Authority, on October 15, 2007, the Council adopted and approved Ordinance No. 07-13 (the "Ordinance"), authorizing the issuance of general obligation bonds of the City by the Authority in an aggregate principal amount not exceeding $2,000,000. The Ordinance was duly adopted, after following all applicable procedures in relation to its approval prescribed by the laws of the State of Minnesota. The Ordinance has not been repealed, suspended or amended and remains in full force and effect on the date hereof. In order to finance the Project, the Authority will issue its $2,000,000 aggregate principal amount of General Obligation Bonds, Series 2008A, dated February 20, 2008 (the "Bonds"), pursuant to a resolution adopted by the Board of Commissioners of the Authority on January 22, 2008 (the "Resolution"); and the Bonds are hereby found and determined by the Council to be within the authorization and limits prescribed by the Ordinance. C. WHEREAS, the Authority is the issuer of the Bonds, however, the City is an obligated person under the provisions of Rule 15c2-12 (the "Rule") promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act pf 1934, as amended, and the City is therefore subject to continuing disclosure requirements under the Rule and accordingly, the City hereby agrees to enter into a Continuing Disclosure Undertaking (the "Continuing Disclosure Undertaking"). ' •