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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Elk River, Minnesota, was duly held in the Elk River City Hall on November 17, 1997, commencing at 6:00 P.M., C.T. The following members of the Council were present: Mayor Hank Duitsman Councilmembers: Father, Holmgren, Dietz, Thompson and the following were absent: None Councilmember During said meeting, V~rh~r following resolution and moved its adoption: introduced the RESOLUTION NO. ~ RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A SUPPLEMENT TO LEASE PURCHASE AGREEMENT A CONTINUING DISCLOSURE AGREEMENT WHEREAS, the City of Elk River, Minnesota (the "City"), is authorized, pursuant to Minnesota Statutes, Section 465.71, to enter into certain lease agreements; WHEREAS, pursuant to a certain Trust Indenture, dated as of November 1, 1991 (the "Indenture"), the Elk River Economic Development Authority (the "Authority") issued its $2,740,000 City Hall and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation), Series 1991, dated November 1, 1991 (the "Series 1991 Bonds"); WHEREAS, pursuant to a certain Lease Purchase Agreement, dated as of November 1, 1991 (the "Lease"), which was executed and delivered in connection with the issuance of the Series 1991 Bonds, the Authority leased to the City certain land and certain buildings constructed and located thereon (collectively, the "Project"), which the City now occupies and uses for City Hall and law enforcement purposes, and the City agreed to pay to the Authority certain Basic Rent (as defined in the Lease); 368962.1