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<br />EXTRACT OF MINUTES OF A MEETING OF THE
<br />CITY COUNCIL OF THE
<br />CITY OF ELK RIVER, MINNESOTA
<br />
<br />HELD: MAY 16, 2005
<br />
<br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council
<br />of the City of Elk River, Sherburne County, Minnesota, was duly held at the City Hall on
<br />May 16, 2005, at 7:30 P.M., for the purpose, in part, of authorizing the issuance and awarding
<br />the sale of $1,070,000 General Obligation Improvement Bonds, Series 2005A.
<br />
<br />The following members were present: Mayor Stephanie Klinzing, John Dietz, Jerry
<br />Gumphrey, Larry Farber and Paul Motin;
<br />
<br />and the following were absent: none.
<br />
<br />Member Farber introduced, the following resolution and moved its adoption:
<br />
<br />RESOLUTION NO. 05-53
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $1,070,000 GENERAL OBLIGATION IMPROVEMENT
<br />BONDS, SERIES 2005A, PLEDGING SPECIAL
<br />ASSESSMENTS FOR THE SECURITY THEREOF AND
<br />LEVYING A TAX FOR THE PAYMENT THEREOF
<br />
<br />A. WHEREAS, the City Council of the City of Elk River, Minnesota (the "City"),
<br />has heretofore determined and declared that it is necessary and expedient to issue $1,070,000
<br />General Obligation Improvement Bonds, Series 2005A (the "Bonds" or individually, a "Bond"),
<br />pursuant to Minnesota Statutes, Chapters 429 and 475, to finance various water line, water main
<br />and storm water infrastructure improvements for the 2005 Street Reconstruction Project (the
<br />"Improvements"); and
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<br />B. WHEREAS, the Improvements and all their components have been ordered prior
<br />to the date hereof, after a hearing thereon for which notice was given describing the
<br />Improvements or all their components by general nature, estimated cost, and area to be assessed;
<br />and
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<br />C. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville,
<br />Minnesota ("Ehlers"), as its independent financial advisor for the sale of the Bonds and was
<br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
<br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been
<br />solicited by Ehlers; and
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<br />D. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
<br />by the Clerk, or designee, at the offices of Ehlers at 12:00 noon this same day pursuant to the
<br />Terms of Proposal established for the Bonds; and
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