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<br />EXTRACT OF MINUTES OF MEETING
<br />CITY COUNCIL OF THE
<br />CITY OF ELK RIVER, MINNES'OTA
<br />
<br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk River,
<br />
<br />Minnesota, was duly called and held at City Hall in Elk River, Minnesota, on Monday, December 5, 2005.
<br />
<br />The following members were present:
<br />Mayor Klinzing, Councilrnembers Dietz, Farber, Gumphrey, and Motin
<br />
<br />and the following members were absent:
<br />None
<br />
<br />Councilmember Gumphrey introduced the following resolution and moved its adoption:
<br />Resolution No. 05- 128
<br />RESOLUTION CALLING FOR REDEMPTION OF' OUTSTANDING:
<br />
<br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997A, DATED AUGUST 1,1997
<br />
<br />GENERAL OBLIGATION IMPROVENlENT BONDS, SERIES 1999A DATED JULY 1, 1999
<br />
<br />GENERAL OBLIGATION PE~MANENT IMPROVEMENT REVOLVING FUND BONDS,
<br />SERIES 20008, DATED NOVEMBER 1, 2000
<br />
<br />GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2000C,
<br />DATED NOVEMBER 1, 2000
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<br />WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $1,165,000 General Obligation Improvement Bonds, Series 1997 A, dated August 1, 1997 (the
<br />111997 A Bonds"), of which $285,000 still remains outstanding; and
<br />
<br />WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $5,725,000 General Obligation Improvement Bonds, Series 1999A, dated July 1,1999 (the
<br />u1999A Bonds"), of which $3,510,000 still remains outstanding; and
<br />
<br />WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $1,275,000 General Obligation Permanent Improvement Revolving Fund Bonds, Series
<br />2000B, dated November 1, 2000 (the u2000B Bonds"), of which $935,000 still remains outstanding; and
<br />
<br />WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
<br />River, Minnesota $900,000 General Obligation Improvement Refunding Bonds, Series 2000C, dated November
<br />1, 2000 (the u2000C Bonds"), of which $375,000 still remains outstanding; and
<br />
<br />WHEREAS, all of the1997 A Bonds maturing in the years 2006 through 2013, inclusive, are subject to
<br />redemption and prepayment at the option of the City on February 1, 2005, and on any date thereafter at a price
<br />of par, plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City
<br />Council of the City of Elk River, Minnesota on July 28, 1997, authorizing the issuance of the1997 A Bonds (the
<br />uJuly 1997 Resolution"); and
<br />
<br />05-128
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