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consequently, the balance in the Debt Service Account will be not less than the remaining <br />outstanding principal and interest requirements of the Bonds on the Call Date; and <br />F. WHEREAS, the Bonds maturing on February 1, 2010 and 2011, aggregating <br />$410,000 in principal amount are subject to redemption on June 1, 2009, and on any date <br />thereafter, at a price of par plus accrued interest. <br />NOW, THEREFORE, be it resolved by the Economic Development Authority of the City <br />of Elk River, Minnesota, as follows: <br />1. The Economic Development Authority hereby determines that there exists <br />sufficient money in the Debt Service Account to prepay on the Call Date, $410,000 aggregate <br />principal amount of Bonds maturing on February 1, 2010 and 2011. <br />2. U.S. Bank National Association, in St. Paul, Minnesota, the bank at which <br />principal and interest on the Bonds is payable, is hereby authorized and directed to cause the <br />Notice of Redemption, substantially in the form attached hereto as Exhibit A, to be given to <br />bondholders in accordance with the provisions of the Resolution and the Indenture. <br />3. No further action shall be required of the Authority to complete prepayment of the <br />Bonds and the President and Executive Director are authorized and directed to take such <br />additional action on behalf of the Authority as is necessary to complete the prepayment of the <br />Bonds. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />and upon vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />Whereupon the resolution was declared duly passed and adopted. <br />Adopted on April 13, 2009. <br />Attest: <br />Executive Director <br />Approved: <br />President <br />2320493v1 2 <br />