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. . . RESOLUTION 04-59 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: August 2,2004 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 called and held at the City Hall in the City of Elk River, Minnesota on August 2, 2004, at 6:30 p.m. The following members were present: Mayor Klinzing, Counci/members Motin, Tveite, and Dietz and the following were absent: Counci/member Kuester Member Tveite introduced the following resolution and moved its adoption: RESOLUTION CONCURRING IN THE ACTION OF THE BOARD OF COMMISSIONERS OF THE PUBLIC UTILITIES COMMISSION OF THE CITY OF ELK RIVER, MINNESOTA, IN PROVIDING FOR THE ISSUANCE AND SALE OF $940,000 ELECTRIC REVENUE BONDS, SERIES 2004A WHEREAS: A. the Public Utilities Commission of the City of Elk River, Minnesota (the "Commission") has determined to undertake capital improvements to the municipal electric light and power plant and distribution system of the City (the "Electric System") consisting of improvements and extensions to the Electric System (the "Project"); and will finance the Project by the issuance of the City's $940,000 Electric Revenue Bonds, Series 2004A (the "Series 2004A Bonds"); and B. the Commission has presented to the City Council a copy of a resolution (the "Bond Resolution") entitled "Resolution Providing for the Issuance and Sale of $940,000 Electric Revenue Bonds, Series 2004A and Pledging Net Revenues for the Security Thereof," to be considered for adoption by the Commission after the date hereof. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota as follows: (1) The authority to accept the most favorable proposal for the purchase of the 2004A Bonds, the interest rates and the amount of the purchaser's discount is hereby delegated to the commission; provided the true interest cost on the 2004A Bonds shall not exceed 5.25%. 04-59