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E. WHEREAS, the City Council has determined that the issuance of the Bonds will <br />result in overall lower tax levies for the City and is the best way to finance the capital improvements <br />described in the Plan as authorized under Minnesota Statutes, Section 475.521. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: <br />1. The amended Plan is hereby in all respects approved. <br />2. The staff and consultants of the City are hereby authorized to do all other things and take <br />all other actions as may be necessary or appropriate to carry out the Plan in accordance with any <br />applicable laws and regulations. <br />3. The City gives preliminary approval to issuance of the Bonds in the maximum principal <br />amount of $8,000,000, provided that if a petition requesting a vote on issuance of the Bonds, signed by <br />voters equal to five percent of the votes cast in the last general election, is filed with City Administrator <br />by January 21, 2010, the City may issue the Bonds only after obtaining approval of a majority of voters <br />voting on the question at an election. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />and, after full discussion thereof and upon a vote being taken thereon, the <br />following voted in favor thereof: <br />and the following voted against the same: <br />