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EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br />HELD: July 16, 2018 <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 16th day of <br />July, 2018, at 6:00 P.M. <br />The following members were present: <br />Westgaard, Ovall, and Wagner <br />and the following were absent: None <br />Mayor Dietz, Councilmembers Olsen, <br />Member Magner introduced the following resolution and moved its adoption: <br />RESOLUTION 18- 47 <br />APPROVING THE ISSUANCE OF ELECTRIC REVENUE BONDS, AND AUTHORIZING <br />CERTAIN OTHER ACTIONS TO BE TAKEN BY THE ELK RIVER MUNICIPAL <br />UTILITIES COMMISSION WITH RESPECT TO THE ISSUANCE OF ELECTRIC <br />REVENUE BONDS, SERIES 2018A <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 Commission (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. Terms of Proposal. The City proposes to issue and the Commission proposes to <br />offer and sell Electric Revenue Bonds, Series 2018A (the `Bonds"), in an aggregate principal <br />amount not to exceed $10,000,000, to finance the remaining cost of the acquisition of its <br />membership in the Minnesota Municipal Power Agency by the electric system of the Elk River <br />Municipal Utilities and pay the costs of issuing the Bonds. The terms and conditions of the <br />Bonds and the negotiation thereof are fully set forth in the "Terms of Proposal" attached hereto <br />as Exhibit A and hereby approved and made a part hereof. The Bonds shall be special <br />5290860 1SB ELI 85-55 <br />