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<br />. <br /> <br />. <br /> <br />. <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <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 awarding the sale of $645,000 General <br />Obligation Equipment Certificate, Series 2005D. <br /> <br />The following members were present: Klinzing, Dietz, Gumphrey, Motin, Farber <br /> <br />and the following were absent: <br /> <br />Member Farber introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 05-55 <br /> <br />RESOLUTION AWARDING THE SALE OF THE CITYiS <br />$645,000 GENERAL OBLIGATION EQUIPMENT <br />CERTIFICATE, SERIES 2005D; FIXING ITS FORM AND <br />SPECIFICATIONS; DIRECTING ITS EXECUTION AND <br />DELIVERY; AND PROVIDING FOR ITS PAYMENT <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />1. It is hereby determined: <br /> <br />(a) It is necessary and expedient to issue the City's $645,000 General <br />Obligation Equipment Certificate, Series 2005D (the "Certificate") <br />pursuant to Minnesota Statutes, Section 412.301, to finance the costs of <br />the City's acquisition of certain street equipment, consisting of a sweeper, <br />truck with plow and radiant patcher, and to pay a portion of the cost of a <br />fire pumper (hereinafter collectively referred to as the "Equipment"). <br /> <br />(b) The Equipment has an expected useful life at least as long as the final <br />maturity of the Certificate, and the $645,000 amount of the Certificate <br />does not exceed 0.25% of the market value of the taxable property in the <br />City. <br /> <br />(c) The City is authorized to issue the Certificates pursuant to Minnesota <br />Statutes, Section 475.60, Subdivision 2(1), in such manner and on such <br />terms and conditions as determined by the City Council. <br /> <br />1768935vl <br /> <br />05-55 <br />