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EXTRACT OF MI~JTES OF A MEETING OF THE <br /> CITY COUNCIL OF TME CITY OF <br /> ELK RIVER, MINNESOTA <br /> <br /> Pursuant to due call and notice thereof, a regular or <br />special meeting of the City Council of the City of Elk River, <br />Minnesota, was duly held in the Elk River City Hall on June 3, <br />1996, commencing at 6:00 P.M., C.T., in part for the purpose of <br />considering the offers which had been received for the purchase <br />of the City's $500,000 General Obligation Improvement Bonds, <br />Series 1996B. <br /> <br /> The following Councilmembers were present: Mayor <br />Duitsman, Councilmembers Scheel, Farber, Holmgren and Dietz <br /> <br />and the following were absent: None <br /> <br /> There was then presented a tabulation of the offers <br />which had been received in the manner specified in the Terms of <br />Proposal for the Bonds. The offers were as follows: <br /> <br />321094.2 <br /> <br /> <br />