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City of M �1k Resolution leo. I6-51 Resolution Determining the Necessity for the Issuance of Ceneral Obligation Bonds and Calling a Special Election Thereon BE IT RESOLVED by the City Council (the "City Council' of the City of Elk River, Sherburne County, Minnesota (the "City"), as follows: 1. The City Council hereby finds and determines that: (a) the City proposes to acquire and construct a multipurpose community center and related betterments and certain park improvements (collectively, the "Project"); (b) the City is authorized by the provisions of the Minnesota Statutes, Chapter 475, as amended (the "Bonding Act"), to issue its obligations to fmance the Project, in whole or in part, and to pledge its full faith, credit and taxing powers to the payment of such obligations, upon approval of a majority of the voters voting on such a proposal at a regular or special election; (c) it is necessary and expedient to the sound financial management of the affairs of the City that the Project be financed in whole or in part by the issuance and sale of the City's general obligation bonds pursuant to the Bonding Act in an aggregate principal amount not to exceed $34,000,000. 2. The proposition for the issuance of bonds for the Project will be submitted to the voters of the City at a special election, to be held in conjunction with the regularly scheduled general election, to be held on November 8, 2016. The election will be held and conducted in accordance with the laws of the State of Minnesota relating to special municipal elections. 3. The City Clerk is directed to cause a sample ballot in substantially the form attached as Exhibit A and a notice of election in substantially the form attached as Exhibit B to be posted, published, and delivered as required by law as follows: (a) The notice of election will be delivered to the County Auditor of Sherburne County, Minnesota, at least 74 days prior to the election, pursuant to Minnesota Statutes, Section 205.16, Subdivision 4, together with a written request to notify the Secretary of State of the election at least 74 days prior to the election pursuant to Minnesota Statutes, Section 205.16, Subdivision 5; (b) The notice of election shall be published in the official newspaper of the City, the first publication at least two weeks prior to the election and the second at least one week before the election, pursuant to Minnesota Statutes, Section 205.16, subdivision 1. (c) The sample ballot shall be published in the official newspaper of the City, the first publication at least two weeks prior to the election and the second at least one week before the election, pursuant to Minnesota Statutes, Section 205.16, subdivision 2. 484529v1 JSB KG400-1 A-1