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RESOLUTION NO. 10- 10 <br />A RESOLUTION AWARDING THE SALE OF APPROXIMATELY <br />$8,000,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN <br />BONDS, SERIES 2010A; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />PROVIDING FOR THEIR PAYMENT; PROVIDING FOR THE <br />ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF; <br />AND PROVIDING FOR THE REDEMPTION OF <br />BONDS REFUNDED THEREBY. <br />BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County, <br />Minnesota (the "City") as follows: <br />Section I. Authorization to Issue Bonds• Issuance of Bonds <br />1.01. Authorization to Bonds. It is hereby determined that: <br />(a) The Elk River Economic Development Authority, Minnesota (the "Authority") <br />previously issued its Public Safety Building Lease Revenue Bonds, Series 2002A (City of Elk <br />River, Minnesota Lease Obligation), dated September 1, 2002 (the "Series 2002A Bonds"), <br />pursuant to a Mortgage and Security Agreement and Trust Indenture, dated September 1, 2002, <br />between the Authority and U.S. Bank National Association, as trustee (the "Series 2002A <br />Trustee") (the "Series 2002A Indenture") and a resolution adopted by Authority on August 12, <br />2002 (the "Series 2002A Bond Resolution"). The proceeds of the Series 2002A Bonds were <br />used for construction and furnishing of a certain public safety facility (the "Safety Facility"). <br />The City currently leases the Safety Facility pursuant to a Lease Agreement, dated September 1, <br />2002 (the "Lease Agreement"), between the Authority, as lessor, and the City, as lessee. The <br />City has determined to terminate the Lease Agreement and purchase the Safety Facility from the <br />Authority by refunding the Series 2002A Bonds, which are currently outstanding in the principal <br />amount of $5,840,000 <br />(b) The Authority also previously issued its City Hall Expansion Revenue Bonds, <br />Series 2002B (City of Elk River Lease Purchase Obligation), dated September 1, 2002 (the <br />"Series 2002B Bonds"), pursuant to a Trust Indenture, dated November 1, 1991, as <br />supplemented by a Supplement to Trust Indenture dated December 1, 1997, and further <br />supplemented by a Supplement to Trust Indenture dated September 1, 2002, between the <br />Authority and U.S. Bank National Association (formerly First Trust National Association), as <br />trustee (the "Series 2002B Trustee") (collectively the "Series 2002B Indenture") and a resolution <br />adopted by Authority on August 12, 2002 (the "Series 2002B Bond Resolution"). The proceeds <br />of the Series 2002B Bonds were used for the expansion of the City Hall, including related <br />furnishings, equipment and site improvements (the "City Hall Facility"). The City currently <br />365125v1 JSB EL185-11 2 <br />