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Extract of Minutes of Meeting of the <br />Board of Commissioners of the Elk River Economic <br />Development Authority, Sherburne County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of <br />the Elk River Economic Development Authority, Minnesota, was duly held in the City Hall in the <br />City of Elk River, on April 12, 2010, commencing on or after 5:30 P.M. <br />The following members were present: <br />and the following were absent: <br /> <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION NO. <br />RESOLUTION PROVIDING FOR THE DEFEASANCE, PREPAYMENT AND <br />REDEMPTION OF CERTAIN OUTSTANDING BONDS <br />OF THE ELK RIVER ECONOMIC DEVELOPMENT <br />AUTHORITY, MINNESOTA, AND <br />AUTHORIZING EXECUTION OF SUPPLEMENTAL <br />INDENTURES AND AN ESCROW AGREEMENT <br />BE IT RESOLVED By the Board of Commissioners (the "Board") of the Elk River <br />Economic Development Authority, Sherburne County, Minnesota (the "Authority") as follows: <br />Section 1. Background; Findings. <br />1.01. (a) The Elk River Economic Development Authority, Minnesota (the <br />"Authority") previously issued its Public Safety Building Lease Revenue Bonds, Series 2002A <br />(City of Elk River, Minnesota Lease Obligation), dated September 1, 2002 (the "Series 2002A <br />Bonds"), pursuant to a Mortgage and Security Agreement and Trust Indenture, dated September <br />365439v1JSB EL185-11 <br />