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<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 />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, March 21, 1988, commencing at 7:00 p.m. <br /> <br />The following members were present: Mayor Gunkel, <br />Counci1members Holmgren, Schuldt, Dobe1 and Tra11e <br /> <br />and the following were absent: None <br /> <br />The following resolution was presented by Councilmember <br />Tralle who moved its adoption: <br /> <br />RESOLUTION NO. 88-19 <br /> <br />. <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE <br />AND SALE OF $1,180,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 1988A <br /> <br />BE IT RESOLVED by the City Council of the City of Elk <br />River, Sherburne County, Minnesota (City) as follows: <br /> <br />Section 1. Findings. <br /> <br />1.01 The authorization and construction of three <br />improvement projects are contemplated. The three improvement <br />projects are known as the Royal Oaks Ridge Improvement Project, <br />the Main Street Improvement Project, and the Jackson Avenue <br />Improvement Project. Springsted Incorporated (Springsted), <br />fiscal consultants to the City, have recommended that the City <br />issue its general obligation improvement bonds to finance the <br />improvement projects. <br /> <br />1.02 Springsted has recommended that the sale of <br />improvement bonds in the aggregate principal amount of One <br />Million One Hundred Eighty Thousand Dollars ($1,180,000) be <br />authorized. <br /> <br />. <br /> <br />1.03 It is necessary and desirable to the sound financial <br />management of the City that the City issue and sell its General <br />Obligation Improvement Bonds, Series 1988A (the Bonds) to <br />finance the costs of the three improvement projects. <br />