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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 />NSW, THEREFORE, BE 1T RESOLVED by the City Council of the City of Elk River, <br />Mi~~nesata, 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 X8,000,000, provided that if a petition requesting a vote on issuance of the Bands, signed by <br />voters equal to five percent of the votes cast in the last general election, is filed with City Administrator <br />by ~anua~y 21, 2010, the City may issue the Bonds only after obtaining approval of a majority of voters <br />voting ova the question at an election. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />W.e ~ tg.~.a rrL and, after full discussion thereof and upon a vote being taken thereon, the <br />following voted in favor thereof. M~.yor Stephanie Klinzing, Councilmembers Nick Zerwas, <br />. Jerr Gum hrey, Matt Westga.ard, and Paul Noti.n <br />and the following voted agaznstythe same: <br />none. <br />Passed and adopted by the City Council of the City of Elk River this 2151 day of December 200. <br />.. ~ ~/ <br />1/ <br />~ ~ ,.~ <br />~. ~~ ~ <br />~~. Step ~ anie I~linzing, Mayox <br />ATTEST; ~. ~~ <br />i <br />ff. <br />~~,r. <br />,,,~.j +iw..r.:~ <br />Tina Allard, City C1e~k <br />