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EXTRACT OF MINUTES OF A MEETING OF THE BOARD OF COMMISSIONERS <br />OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE <br />CITY OF ELK RIVER, MINNESOTA <br />HELD: April 13, 2009 <br />Pursuant to due call and notice thereof, a regular or special meeting of the Board of <br />Commissioners of the Economic Development Authority of the City of Elk River, Sherburne <br />County, Minnesota, was duly held at City Hall on April 13, 2009, at _:00 o'clock p.m. for the <br />purpose, in part, of authorizing the redemption of certain outstanding City Hall and Law <br />Enforcement Facility Revenue Refunding Bonds (City of Elk River Lease Purchase Obligations), <br />Series 1997. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION NO. <br />RESOLUTION AUTHORIZING THE REDEMPTION OF CERTAIN OUTSTANDING <br />CITY HALL AND LAW ENFORCEMENT FACILITY REVENUE REFUNDING BONDS <br />(CITY OF ELK RIVER LEASE PURCHASE OBLIGATION) SERIES 1997 <br />A. WHEREAS, the Board of Commissioners of the Economic Development <br />Authority of the City of Elk River (the "Authority") has issued $2,290,000 City Hall and Law <br />Enforcement Facility Revenue Refunding Bonds (City of Elk River Lease Purchase Obligation), <br />Series 1997, dated December 1, 1997, (the "Bonds") which were used to advance refund the <br />entire principal outstanding of the Authority's $2,290,000 City Hall and Law Enforcement <br />Facility Revenue Bonds, Series 1991, dated November 1, 1991; and <br />B. WHEREAS, the Bonds are payable from lease rental payments pursuant to a <br />Lease Purchase Agreement, dated November 1, 1991, and a Supplement to the Lease Purchase <br />Agreement, dated December 1, 1997, between the City and the Authority; and <br />C. WHEREAS, in connection with the issuance of the Bonds the Authority has <br />established a Bond Fund pursuant to the Trust Indenture dated as of November 9, 1991, as <br />amended by the Supplement to Trust Indenture dated as of December 1, 1997 (collectively, the <br />"Indenture"), which Fund contained a "Debt Service Account"; and <br />D. WHEREAS, to the Debt Service Account the Authority has been crediting the <br />rent payments received from the City of Elk River; and <br />E. WHEREAS, as of April 13, 2009, the cash balance in the Debt Service Account <br />was $ and the City anticipates an additional $ to be deposited <br />in the Debt Service Account by June 1, 2009 (the "Call Date"). The remaining outstanding <br />balance of principal and interest due on the Bonds as of the Call Date is $ , <br />2320493v1 <br />