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<br />/ <br /> <br />. <br /> <br />. <br /> <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 <br />meeting qf the City Council of the City of Elk River, Sherburne <br />County, Minnesota, was held at the library in said City on <br />Monday, July 22, 1985, commencing at 7:30 p.m. <br /> <br />The following members were present: Williams, Schuldt & <br />Mayor Hinkle <br /> <br />and the following were absent: Engstrom & Gunkel <br /> <br />The following resolution was presented by Councilmember <br />Schuldt who moved its adoption: <br /> <br />RESOLUTION NO. 85-32 <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE <br />AND SALE OF $2,640,000 GENERAL OBLIGATION <br />REFUNDING AND IMPROVEMENT BONDS, SERIES 1985 <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. Findinqs: Costs. <br /> <br />1.01 Springsted Incorporated (Springsted), fiscal <br />consultants to the City, has advised that the City can <br />substantially reduce its interest expense being incurred with <br />respect to five (5) outstanding improvement bond issues of the <br />City by issuing refunding bonds at current lower interest <br />rates, the proceeds of which would be used to prepay and redeem <br />the bonds of the five (5) outstanding bond issues at the <br />