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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> <br /> Pursuant to due call and notice thereof, a regular or <br />special meeting of the City Council of the City of Elk River, <br />Minnesota, was duly held at the City Hall in said City on June <br />30, 1997, at 6:00 o'clock P.M. for the purpose in part of <br />authorizing the sale of the City's $335,000 General Obligation <br />Water Revenue Bonds, Series 19975. <br /> <br />The following Councilmembers were present: <br /> <br />Mayor Duitsman, Councilmembers Farber, Holmgren and Dietz <br /> <br />and the following were absent: Councilmember Thompson <br /> <br /> Councilmember Dietz introduced the following <br />resolution and moved its adoption: <br /> <br /> Resolution No. 97-59 <br /> <br /> RESOLUTION PROVIDING FOR THE SALE OF <br /> THE CITY'S $335,000 GENERAL OBLIGATION <br /> WATER REVENUE BONDS, SERIES 19975 <br /> <br /> A. WHEREAS, the City Council of the City of Elk <br />River, Minnesota, determines that it is necessary and expedient <br />to issue the City's $335,000 General Obligation Water Revenue <br />Bonds, Series 19975 (the "Bonds"), to finance water main <br />improvements on Highland Avenue; and <br /> <br /> B. WHEREAS, the City has retained Springsted <br />Incorporated, in Saint Paul, Minnesota ("Springsted"), as its <br />independent financial advisor and is therefore authorized to sell <br />these obligations by a competitive negotiated sale in accordance <br />with Minnesota Statutes, Section 475.60, Subdivision 2(9); and <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Elk River, Minnesota, as follows: <br /> <br />356300 <br /> <br /> <br />