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<br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />.~ <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />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 called and held at the Elk River City Hall on <br />June 20, 1994, commencing at 6:00 P.M., C.T. <br /> <br />The following Councilmembers were present: <br /> <br />and the following were absent: <br /> <br />Councilmember Dietz <br />following resolution and moved its adoption: <br /> <br />introduced the <br /> <br />RESOLUTION NO. 94-6h <br /> <br />RESOLUTION INITIATING THE PROCESS FOR THE SALE <br />OF THE CITY'S $255,000 GENERAL OBLIGATION <br />TAX INCREMENT BONDS, SERIES 1994D <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the <br />City of Elk River (the "City"), Minnesota, as follows: <br /> <br />1. It is hereby determined: <br /> <br />(a) The City has undertaken the following public <br />development project (the "Improvements") and will incur <br />the following public development costs thereof within and <br />for the benefit of its Development District No.1, all <br />pursuant to Minnesota Statutes, Sections 469.124 through <br />469.134 and 469.174 through 469.179, and more <br />specifically involving the expansion of the Elk River <br />Public Library, 413 Proctor Avenue NW: <br /> <br />Project Costs <br />Less Other Available Funds <br />Net Project Costs <br />Costs of Issuance <br />Allowance for Discount <br />Bidding <br />Less Investment Earnings <br /> <br />$550,000 <br />(307,000) <br />243,000 <br />10,420 <br /> <br />3,825 <br />( 2.245) <br /> <br />Net Bond Issue <br /> <br />$255,000 <br /> <br />(b) It is necessary for the City to issue its <br />$255,000 General Obligation Tax Increment Bonds, Series <br />1994D (the "Bonds") , pursuant to the applicable <br /> <br />266233.1 <br />