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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 Christianam, <br />Westgaard, Ovali, 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 Refunding Bonds, Series 2020B. <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 <br />introduced the following resolution, and moved its adoption: <br />RESOLUTION NO.20- 93 <br />Westgaard then <br />RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION <br />CAPITAL IMPROVEMENT PLAN REFUNDING BONDS, SERIES 2020B IN THE <br />ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $5,340,000; FIXING THEIR FORM <br />AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; PROVIDING <br />FOR THEIR PAYMENT; AND PROVIDING FOR THE REDEMPTION OF BONDS <br />REFUNDED THEREBY <br />Section 1. Background: Findings. It is hereby determined that: <br />(a) the City is authorized by the provisions of Minnesota Statutes, Chapter 475, <br />as amended (the "Act") and, particularly, Section 475.67 of the Act to issue and sell its <br />general obligation bonds to refund outstanding bonds when determined by the City Council <br />to be necessary and desirable; <br />EL185-66-684471.v2 <br />