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City of <br />Elk — - <br />River <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF <br />THE CITY OF ELK RIVER, MINNESOTA <br />HELD: July 15, 2019 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of City of Elk <br />River, Minnesota, was duly called and held at the City Hall in the City on Monday, the 15th day of <br />July, 2019, at 6:00 o'clock P.M. <br />The following members were present: r ayor i)ietz, uounciimembers westgaard, Wagner, <br />Ghristianson, and Ovall <br />and the following were absent: none <br />Member westgaard <br />adoption: <br />introduced the following resolution and moved its <br />CITY OF ELK RIVER <br />RESOLUTION 19- /-:s <br />RESOLUTION PROVIDING FOR THE COMPETITIVE <br />NEGOTIATED SALE OF $33,735,000 GENERAL OBLIGATION <br />SALES TAX REVENUE BONDS, SERIES 2019A <br />BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: <br />1. Finding: Amount and Pumose. It is hereby found, determined and declared that the <br />City of Elk River, Minnesota (the "City"), should issue $33,735,000 General Obligation Sales Tax <br />Revenue Bonds, Series 2019A, which may be issued in one or more series, to finance authorized <br />projects, including without limitation, the acquisition and betterment of certain recreational facility <br />improvements, park improvements, trail improvements, and dredging of Lake Orono. <br />2. Meeting. This City Council shall meet on the date and at the time and place <br />specified in the form of Terms of Proposal attached hereto as Exhibit A for the purpose of <br />awarding the sale of the Bonds. <br />589683v1EL185-44 <br />3. <br />Competitive <br />Negotiated Sale. The City has retained Baker Tilly Municipal Advisors, <br />LLC ("Baker <br />Tilly <br />MA") as an independent municipal advisor, and the City Council hereby <br />589683v1EL185-44 <br />