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Extract of Minutes of Meeting <br />of the City Council of the City of <br />Elk River, Sherburne County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Elk River, Minnesota, was duly held in the City Hall in said City on Monday, December 7, <br />2020, commencing at 6:30 P.M. <br />The following members were present: Mayor Dietz, Councilmembers Christiarsai, <br />Westgaard, Ovall, and Wagner <br />and the following were absent: none <br />The Mayor announced that the next order of business was consideration of the <br />proposals which had been received for the purchase of the City's General Obligation Capital <br />Improvement Plan Bonds, Series 2020A. <br />The City Finance Director presented a tabulation of the proposals that had been <br />received in the manner specified in the Terms of Proposal for the Bonds. The proposals were as <br />set forth in Exhibit A attached. <br />After due consideration of the proposals, Member Westgaard then <br />introduced the following resolution, and moved its adoption: <br />RESOLUTION NO.20- 92 <br />A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION <br />CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2020A, IN THE <br />ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $9,435,000; FIXING <br />THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION <br />AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT <br />Section 1. Sale of Bonds. <br />1.01 Authority. It is hereby determined that: <br />(a) Pursuant to Minnesota Statutes, Chapter 475, including without limitation, <br />section 475.521 (the "Act"), the City is authorized to finance certain capital improvements <br />under an approved capital improvement plan by the issuance of general obligation bonds <br />of the City payable from ad valorem taxes. Capital improvements include acquisition or <br />betterment of public lands, buildings or other improvements for the purpose of a city hall, <br />EL185-64-684074.v2 <br />