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<br /> <br />. <br /> <br />. <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 />August 16,1993, commencing at 6:04 P.M., C.T. <br /> <br />The following Councilmembers were present: Duitsman, <br />Dietz, Scheel, Farber, and Holmgren <br /> <br />and the following were absent: <br /> <br />Councilmember Scheel <br />following resolution and moved its adoption: <br /> <br />introduced the <br /> <br />RESOLUTION NO. 93-36 <br /> <br />RESOLUTION INITIATING THE PROCESS FOR THE SALE <br />OF THE CITY'S $3,525,000 GENERAL OBLIGATION <br />PERMANENT IMPROVEMENT REVOLVING FUND BONDS, SERIES 1993B <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 duly ordered the making of, and <br />has undertaken or will undertake, the assessable and <br />water system public improvements, respectively, listed in <br />the attached Exhibit A (the "Improvements") within the <br />City, pursuant to and in full conformity with Minnesota <br />Statutes, Chapter 429 and/or Section 444.075. <br /> <br />(b) It would be advantageous for the City to issue <br />its $3,525,000 General Obligation Permanent Improvement <br />Revolving Fund Bonds, Series 1993B (the "Bonds"), <br />pursuant to Minnesota Statutes, Chapters 429 and 475, to <br />provide financing for the Improvements. <br /> <br />(c) The City has retained Springsted Incorporated, <br />in Saint Paul, Minnesota ("Springsted") , as its <br />independent financial advisor for the Bonds and is <br />therefore authorized to sell the Bonds by a competitive <br />negotiated sale in accordance with Minnesota Statutes, <br />Section 475.60, Subdivision 2(9). <br /> <br />245536 <br />