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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF <br />THE CITY OF ELK RIVER, MINNESOTA <br />HELD: November 2, 2020 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of City of <br />Elk River, Minnesota, was duly called and held at the City Hall in the City on. Monday, the 2nd <br />day of November, 2020, at 6:30 o'clock P.M. <br />The following members were present: Mayor Dietz, Councilmembers Westgaard, <br />Ovall, and Wagner <br />and the following were absent: Councilmember Christianson <br />Member Westgaard <br />adoption: <br />introduced the following resolution and moved its <br />RESOLUTION 20- 78 <br />PROVIDING FOR THE COMPETITIVE <br />NEGOTIATED SALE OF $5,970,000 GENERAL OBLIGATION <br />CAPITAL IMPROVEMENT PLAN REFUNDING BONDS, SERIES 2020B <br />BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: <br />1. Findipg; Amount and Purpose. It is hereby found, determined and declared that the <br />City of Elk River, Minnesota (the "City"), should issue $5,970,000 General Obligation Capital <br />Improvement Plan Refunding Bonds, Series 2020B, to refund (i) the February 1, 2022 and <br />February 1, 2023 maturities of the City's General Obligation Capital Improvement Plan Bonds, <br />Series 2010A, dated April 21, 2010; and (ii) the February 1, 2022 through February 1, 2033 <br />maturities of the City's General Obligation Capital Improvement Plan Bonds, Series 2012A, dated <br />March 15, 2012. <br />2. Mew. This City Council shall meet on the date and at the time and place <br />specified in the form of Terms of Proposal attached hereto as Exhibit A for the purpose of <br />awarding the sale of the Bonds. <br />3. Com etitive Negotiated Sale. The City has retained Baker Tilly Municipal <br />Advisors, LLC (`Baker Tilly MA") as an independent municipal advisor, and the City Council <br />hereby determines to sell the Bonds by private negotiation, by way of a competitive sale in <br />response to Terms of Proposal for the Bonds which are not published in any newspaper or journal. <br />4. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are <br />fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby made a part <br />hereof, provided that the Bonds may be issued in one or more series. <br />