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RESOLUTION 08-0P <br /> EXTRACT OF MINUTES OF A MEETING OF THE <br /> • BOARD OF COMMISSIONERS OF THE <br /> ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, <br /> MINNESOTA <br /> HELD:. JANUARY 22,2008 <br /> Pursuant to due call and notice thereof, a regular or special meeting of the Board of <br /> Commissioners of the Economic Development Authority for the City of Elk River, Sherburne <br /> County,Minnesota,was duly held at the City Hall,in the City of Elk River on January 22,2008 <br /> at 6:30 P.M. for the purpose of awarding the sale of$2,000,000 General Obligation Bonds, <br /> Series 2008A of the Authority. <br /> The following members were present: Jeff Gongoll,Paul Motin,Larry Farber and <br /> Stephanie Klinzing; <br /> and the following were absent: Pat Dwyer,Dan Tveite and Nick Zerwas <br /> Member Klinzing introduced the following resolution and moved its adoption: <br /> RESOLUTION ACCEPTING OFFER ON THE SALE OF$2,000,000 <br /> GENERAL OBLIGATION BONDS, SERIES 2008A,PROVIDING FOR THEIR ISSUANCE <br /> AND LEVYING A TAX FOR THE PAYMENT THEREOF <br /> A. WHEREAS, the Board of Commissioners of the Economic Development <br /> Authority for the City of Elk River,Minnesota(the"Authority"),has heretofore determined that <br /> it is necessary and expedient to issue its $2,000,000 General Obligation Bonds, Series 2008A <br /> (the "Bonds")pursuant to Minnesota Statutes, Sections 469.102 and Chapter 475 to provide <br /> funds to finance the acquisition and betterment of a recreational facility within the City(the <br /> "Project"); and <br /> B. WHEREAS,the City of Elk River,Minnesota(the "City")has,by its Ordinance <br /> No. 07-13, adopted on October 15, 2007(the "Ordinance")in accordance with Minnesota <br /> Statutes, Section 469.060,consented to the pledge of its full faith, credit and resources to the <br /> payment of the Bonds; and <br /> C. WHEREAS, offers to purchase the Bonds were solicited on behalf of the <br /> Authority by Ehlers and Associates,Inc.; and <br /> D. WHEREAS, it is in the best interests of the Authority that the Bonds be issued in <br /> book-entry form as hereinafter provided; and <br /> E. WHEREAS,the following offers were received, opened and recorded at the <br /> offices of Ehlers and Associates,Inc. ("Ehlers")at 11:00 a.m.this same day: <br /> Bidder Interest Rate Net Interest Cost <br /> • (See attached) <br /> 2114906v1 <br />