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WHEREAS, 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 of 1934, as amended, and is therefore subject to continuing disclosure requirements under the Rule and accordingly, the City will enter into a Continuing Disclosure Undertaking (the "Continuing Disclosure Undertaking") with the Trustee: NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Elk River, Minnesota, as follows: 1. Authorization of Bonds; Documents Presented. The Authority proposes to issue its Public Safety Building Lease Revenue Bonds, Series 2002A (City of Elk River, Minnesota Lease Obligation), dated as of September 1, 2002 (the "Bonds"), payable from rental payments to be made by the City under the Lease. The Bonds shall be in an aggregate principal amount of $8,000,000 (plus any amount representing original issue discount) and shall bear interest at the rates as are prescribed by the Indenture. Forms of the following documents (collectively, the "Bond Documents") relating to the Bonds and the Project have been submitted to the City Council and are now on file in the offices of the City: (a) the Lease; and (b) the Continuing Disclosure Undertaking. 2. Approval and Execution of Bond Documents. The Mayor and the City Administrator are hereby authorized to execute and deliver on behalf of the City the Bond Documents in substantially the forms on file. All of the provisions of the Bond Documents when executed and delivered as authorized herein shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated herein and shall be in full force and effect from the date of execution and delivery thereof. 3. Approval of Indenture. The City hereby approves the Indenture and the Bonds described therein (collectively the "Related Documents") in substantially the forms submitted to the City. 4. Authorized City Representative. The City Finance Director is hereby designated and authorized to act on behalf of the City as the City Representative, as defined in the Indenture. 5. Furnishing of Certificates and Proceedings. The Mayor and other officers of the City are authorized to prepare and furnish to the purchaser of the Bonds and to bond counsel certified copies of all proceedings and records of the City relating to the Bonds, and such other affidavits and certificates as may be required to show the facts relating to the legality of the Bonds as such facts appear from the books and records in the officers' custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the City as to the truth of all statements contained therein. 6. Modifications to Documents. The approval hereby given to the various Bond Documents and Related Documents referred to above includes approval of such additional 1431807vl 2