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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: May 16, 2016 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk River, Minnesota, was duly called and held at the City Hall in the City on the 16th day of May, 2016, at 6:00 P.M. The following members were present: MANOR JOHN J. DIETZ, COUNCILMEMBERS JERRY OLSEN, MATT WESTGAARD, BARBARA SURANDT, AND JENNIFER WAGNER and the following were absent: NONE. Member OLSEN RESOLUTION 16- 31 introduced the following resolution and moved its adoption: RESOLUTION APPROVING THE ISSUANCE OF ELECTRIC REVENUE REFUNDING BONDS, AND AUTHORIZING CERTAIN OTHER ACTIONS TO BE TAKEN BY THE ELK RIVER MUNICIPAL UTILITIES COMMISSION WITH RESPECT TO THE ISSUANCE OF ELECTRIC REVENUE REFUNDING BONDS, SERIES 2016B BE IT RESOLVED by the City Council of the City of Elk River (the "City"), Minnesota, as follows: 1. Authority. The City is authorized by Minnesota Statutes, Chapter 453, as amended (the "Electric Utility Act"), to issue bonds to finance the acquisition or construction of any plant, works, system, facilities, and real and personal property of any nature, together with all parts thereof and appurtenances thereto, used or useful in the generation, production, transmission, purchase, sale, exchange, or interchange of electric energy or any interest therein or capacity thereof. Rents, rates, and charges may be established, levied, and collected in connection with the electric utility system of the Elk River Municipal Utilities Commission (the "Commission") and may be pledged to the payment of the principal of and interest on bonds issued by the City for the benefit of the Commission, including bonds issued to finance or refinance the electric utility system of the Commission. 2. Terms of Proposal. The City proposes to issue and the Commission proposes to offer and sell Electric Revenue Refunding Bonds, Series 2016B (the "Bonds"), in an aggregate principal amount not to exceed $1,460,000, to refund the February 1, 2017 through February 1, 2022 maturities of the City's Electric Revenue Bonds, Series 2007A, dated March 28, 2007 (the "Prior Bonds") and pay the costs of issuing the Bonds. The terms and conditions of the Bonds and the negotiation thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby approved and made a part hereof. The Bonds shall be special obligations of the City payable solely from the net revenues of the electric utility system 478987v1 JSB ELI 85-42