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e EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Elk River, Minnesota, was duly called and held at the Elk River City Hall on November 7, 1994, commencing at 6:00 P.M., C.T. The following Councilmembers were present: Hank Duitsman, John Dietz, Cecilia Scheel, and Larry Farber and the following were absent: Roger Holmgren Councilmember John Dietz following resolution and moved its adoption: introduced the RESOLUTION NO. 94-115 e RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE CITY'S $1,010,000 GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 19940 BE IT RESOLVED by the City Council (the "Council") of the City of Elk River (the "City"), Minnesota, as follows: 1. It is hereby determined: (a) The City has duly ordered the making of and has undertaken or will undertake the public improvements described in the attached Exhibit A (the "Improvements") within the City pursuant to and in full conformity with Minnesota Statutes, Section 444.075. (b) It is necessary for the City to issue its General Obligation Water Revenue Bonds, Series 19940 (the "Bonds"), in an amount presently estimated not to exceed $1,010,000 pursuant to Minnesota Statutes, Section 444.075 and Chapter 475, to provide financing for the Improvements. (c) The City has retained Springsted Incorporated, in Saint Paul, Minnesota ("Springsted") , as its independent financial advisor for the Bonds and is therefore authorized to sell the Bonds by a competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9). e 276403. 1