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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 /> <br />HELD: February 6, 2006 <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Elk River, Minnesota, was duly called and held at the City Hall in the City of Elk River, Minnesota <br />on February 6, 2006, at 6:30 o'clock P.M. <br /> <br />The following members were present: <br />Mayor Klinzing, Councilmembers Dietz, Farber, Gumphrey, and Motin <br />and the following were absent: <br />None <br />Member Motin introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION 06-15 <br /> <br />CONCURRING IN THE ACTION OF THE BOARD OF COMMISSIONERS OF THE <br />PUBLIC UTILITIES COMMISSION OF THE CITY OF ELK RIVER, MINNESOTA, IN <br />PROVIDING FOR THE ISSUANCE AND SALE OF $3,595,000 ELECTRIC REVENUE <br />BONDS, SERIES 2006A <br /> <br />A. WHEREAS, the Public Utilities Commission of the City of Elk River, Minnesota <br />(the "Commission") has determined to undertake capital improvements to the municipal electric <br />light and power plant and distribution system of the City (the "Electric System") consisting of <br />improvements and extensions to the Electric System (the "Project"); and will finance the Project by <br />the issuance of the City's $3,595,000 Electric Revenue Bonds, Series 2006A (the "Series 2006A <br />Bonds "); and <br /> <br />B. WHEREAS, the Commission has presented to the City Council a copy of a <br />resolution (the "Bond Resolution") entitled "Resolution Providing for the Issuance and Sale of <br />$3,595,000 Electric Revenue Bonds, Series 2006A and Pledging Net Revenues for the Security <br />Thereof," to be considered for adoption by the Commission. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, the City Council hereby concurs in the Bond Resolution of the Commission providing <br />for the issuance and sale of the Series 2006A Bonds, hereby joins in and adopts the Bond Resolution <br />and makes the determinations and findings set forth in the Bond Resolution with the same force and <br />effect as if the Bond Resolution had been adopted by the City Council. <br /> <br />The motion for the adoption of the foregoing resolution was seconded by member <br />Farber and upon a vote being taken thereon, the following voted in favor thereof: <br /> <br />Mayor Klinzing, Councilmembers Dietz, Farber, Gumphrey, and Motin <br />and the following voted against the same: <br />None <br /> <br />06-15 <br />