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. . . Councilmember Holm~ren ing Resolution and moved its adoption: introduced the follow- RESOLUTION NO. 93- 43 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF THE CITY'S $3,525,000 GENERAL OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND BONDS, SERIES 1993B BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "city"), as follows: 1. Recitals. It is hereby determined: (a) The (i) assessable pUblic improvement projects (the II Assessment Improvements") and (i i) the municipal water system public improvements (the "Water System Improvements") referenced in paragraph l(a) of the Council's resolution relating to the Bonds adopted on August 16, 1993 (all of said improvements being sometimes. referred to in this Resolution, collectively, as the "Improvements"), have been duly ordered by the City and have been constructed by the City or will be constructed under contracts which the City has or will let therefor, all pursuant to and in accordance with the applicable provisions of Minnesota Statutes, Chapter 429 and/or section 444.075. (b) It is necessary and expedient to the sound financial management of the affairs of the City that the City issue its bonds in the aggregate principal amount of $3,525,000 pursuant to Minnesota Statutes, Chapters 475 and 429 (including particularly Section 429.091, SUbdivision 7a, thereof), to provide financing for the Improvements; and, as hereinafter further described as to maturity, $2,400,000 of the principal of said bonds (the "Series 1993B Improvement Bonds") are being issued to finance the Assessment Improvements, and the remaining $1,125,000 of the principal of said bonds (the "Series 1993B Water Revenue Bonds") are being issued to finance the Water System Improvements. (c) The Assessment Improvements and all their components have been ordered on or prior to the date hereof, after a hearing thereon (except where 246005 3