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EXTRACT OF MINUTES OF MEETING OF THE <br /> CITY COUNCIL OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> HELD: January 21, 2014 <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br /> of Elk River, Minnesota, was duly called and held at the City Hall in the City on the 21 st day of <br /> k <br /> January, 2014, at 6:00 P.M. <br /> The following members were present: Mayor John J. Dietz, Councilmembers Stewart Wilson, <br /> Matt Westgaard, Barbara Burandt, and Paul Motin <br /> and the following were absent:none. <br /> Member Wilson son introduced the following resolution and moved its adoption: <br /> I <br /> RESOLUTION 14- 07 <br /> RESOLUTION APPROVING THE ISSUANCE OF ELECTRIC REVENUE <br /> REFUNDING BONDS, AND AUTHORIZING CERTAIN OTHER ACTIONS TO BE <br /> TAKEN BY THE ELK RIVER MUNICIPAL UTILITIES COMMISSION WITH <br /> RESPECT TO THE ISSUANCE OF ELECTRIC REVENUE REFUNDING BONDS, <br /> SERIES 2014A <br /> BE IT RESOLVED by the City Council of the City of Elk River (the "City"), <br /> Minnesota, as follows: <br /> 1. Authority. The City is authorized by Minnesota Statutes, Chapter 453, as <br /> amended (the "Electric Utility Act"), to issue bonds to finance the acquisition or construction of <br /> any plant, works, system, facilities, and real and personal property of any nature, together with <br /> all parts thereof and appurtenances thereto, used or useful in the generation, production, <br /> transmission, purchase, sale, exchange, or interchange of electric energy or any interest therein <br /> or capacity thereof. Rents, rates, and charges may be established, levied, and collected in <br /> connection with the electric utility system of the Elk River Municipal Utilities Conunission (the <br /> "Commission") and may be pledged to the payment of the principal of and interest on bonds <br /> issued by the City for the benefit of the Commission, including bonds issued to finance the <br /> electric utility system of the Commission. <br /> 2. Terns of Proposal. The City proposes to issue and the Commission proposes to <br /> offer and sell Electric Revenue Refunding Bonds, Series 2014A (the "Bonds"), in an aggregate <br /> 4 <br /> principal amount not to exceed $2,250,000, to refund the August 1, 2014 through August 1, 2021 <br /> maturities of the City's Electric Revenue Bonds, Series 2006A, dated March 2, 2006 (the "Prior <br /> Bonds") and pay the costs of issuing the Bonds. The terns and conditions of the Bonds and the <br /> negotiation thereof are fully set forth in the "Terns of Proposal" attached hereto as Exhibit A <br /> 438053v2 JSB ELI 85-25 <br />