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Extract of Minutes of Meeting <br /> • of the Board of Commissioners <br /> of the Elk River Economic <br /> Development Authority <br /> Pursuant to due call and notice thereof a regular or special <br /> meeting of the Board of Commissioners of the Elk River Economic <br /> Development Authority was held at the Elk River City Hall on July <br /> 12, 1999, commencing at 6 : 00 P.M. , C.T. <br /> The following Commissioners were present : Dwyer, Bender, Gongoll, <br /> Klinzing, Thompson, Farber,and Motin <br /> and the following were absent: None <br /> *** *** *** <br /> The following Resolution was presented by Commissioner <br /> • Motin , who moved its adoption: <br /> RESOLUTION NO. 99-1 <br /> RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION <br /> OF A TAX INCREMENT PLEDGE AGREEMENT <br /> RESPECTING PAYMENT OF A SPECIFIED PORTION <br /> OF THE $5, 725, 000 GENERAL OBLIGATION <br /> BONDS, SERIES 1999A <br /> OF THE CITY OF ELK RIVER, MINNESOTA <br /> WHEREAS, the City of Elk River, Minnesota (the "City" ) , has <br /> awarded or is expected to award the sale of its $5, 725, 000 <br /> General Obligation Bonds, Series 1999A, dated July 1, 1999 (the <br /> "Bonds") , $630, 000 of the principal amount of which are to <br /> finance certain expenditures and public development costs <br /> undertaken within Development District No. 1 which is now under <br /> the governance and control of the Elk River Economic Development <br /> Authority (the "EDA") . <br /> NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of <br /> Commissioners of the EDA as follows: <br /> • 1059219.1 <br />