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EXTRACT OF MINUTES OF A MEETING OF TEE <br />CITY COUNCIL OF THE 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 $2,655,000 General Obligation Sewer Revenue Bonds, <br />Series 1996A. <br /> <br /> The following Councilmembers were present: <br /> <br />and the following were absent: <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 />321121.1 <br /> <br /> <br />