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Extract of Minutes of Meeting of the <br />City Council of the City of Elk River, <br />Sherburne County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Ell-, <br />River, Minnesota, was duly held in the City Hall in the City of Elk River, on Monday, May 20, <br />2013, commencing at 6:30 P.M. <br />The following members were present: Mayor John J. Dietz, Councilmembers Stewart Wilson, <br />Barbara Burandt, Matt Westgaard, and Paul Motin <br />and the following were absent: none. <br />Member Westgaard introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 13- 30 <br />am 0191 D1 191f.11 W11 H 0 LWAI y [11140 lil I W WIMA NO 1010110 111101 1 ii 1 <br />Iffis <br />BE IT RESOLVED By the City Council of the City of Ell{ River, Sherburne County, <br />Minnesota (the "City "), as follows: <br />L The City has issued its General Obligation Improvement Bonds, Series 2005A, <br />dated June 14, 2005 (the `Bonds "), in the original aggregate principal amount of S1,070,000. The <br />Bonds maturing on February 1 in the years 2014 through and including 2016, in the aggregate <br />principal amount of $340,000 (the "Callable Bonds "), are subject to redemption and prepayment on <br />any date at a price of par plus accrued interest. <br />2. It is determined that it is in the sound financial management of the City that the <br />Callable Bonds be prepaid and redeemed on July 1, 2013, or such later date for which proper notice <br />of call may be given, and such bonds are hereby called for redemption on such date. <br />423468v1 JSB KG400 -1 <br />