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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE CITY <br />OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA <br /> <br /> <br />Pursuant to due call and notice thereof a regular meeting <br />of the City Council of the City of Elk River, Sherburne County, <br />Minnesota, was held at the Elk River City Library in said City <br />on Monday, May 4, 1992, commencing at 7:00 p.m. <br /> <br />The following members were present: Vice Mayor Holmgren <br />Councilmember Kropuenske, Councilmember Dietz <br /> <br />and the following were absent: Mayor Tralle, Councilmember <br />Schuldt <br /> <br />The following resolution was presented by Councilmember <br />Dietz who moved its adoption: <br /> <br />RESOLUTION NO. 92-35 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE <br />AND SALE OF $2,350,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 1992A <br /> <br />BE IT RESOLVED by the City Council of the City of Elk <br />River, Sherburne County, Minnesota (the City) as follows: <br /> <br />Section 1. Findings. <br /> <br />1.01 The authorization and construction of two improvement <br />projects are contemplated. The improvement projects are known <br />as the Western Area Phase I Improvement Project and the <br />Westwood Improvement project. Springsted Incorporated <br />(Springsted), fiscal consultant to the City, has recommended <br />the City issue general obligation improvement bonds to finance <br />the improvement projects. <br /> <br />1.02 Springsted has recommended the' City authorize the <br />sale of general obligation improvement bonds in the aggregate <br />principal amount of Two Million Three Hundred Fifty Thousand <br />Dollars ($2,350,000). <br />