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. . . i.,' EXTRACT OF MINUTES OF MEETING RESOLUTION OF CITY COUNCIL OF THE CITY OF ELK RIVER Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk River, Sherburne County, Minnesota was held at the Elk River City Library in the City on Monday, February 12, 1990, at 7:00 P.M.. The following members were present: Mayor Tralle, Councilmembers Dobel, Kropuenske, Schuldt and Holmgren " and the following were absent: None The following resolution was presented by Councilmember Holmgren who moved its adoption: RESOLUTION NO. 90-6 RESOLUTION PROVIDING FOR THE NEGOTIATED SALE OF $400,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1990A BE IT RESOLVED by City Council of the City of Elk River, Sherburne County, Minnesota (City) as follows: Section 1. Findings: Costs. 1.01 The City has duly established Development District No.1 (District) and it is anticipated that the City's Economic Development Authority will, at its meeting to be held this date, adopt resolutions establishing Tax Increment Financing District No.7 (TIF District), and adopting a Tax Increment Financing Plan (TIF Plan) for the TIF District, all pursuant to Minnesota Statutes, Chapters 469 and 475 (collectively, the Act). 1.02 The purpose of the TIF Plan is to provide financing for the public development costs (Costs) of various public improvements (Project) to be constructed in the District. 1.03 It is necessary and desirable to the sound financial management of the City and its orderly economic development that the City issue and sell its General Obligation Taxable Tax Increment Bonds, Series 1990A (the Bonds) pursuant to the Act to provide financing for the Costs.