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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 06- 101 <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: August 21,2006 <br /> <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council of <br />the City of Elk River, Minnesota, was duly called and held at the City Hall in Elk River, Minnesota <br />on August 21, 2006, at 6:30 p.m. for the purpose, in part, of giving preliminary approval to the <br />issuance of general obligation capital improvement plan bonds and adopting the capital <br />improvement plan. <br /> <br />The following members were present: <br /> <br />Mayor Klinzing, Councilmembers Motin, Dietz, Farber, and <br />Gumphrey <br /> <br />and the following were absent: <br />None <br /> <br />Member Motin <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE OF <br />GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN <br />AMOUNT NOT TO EXCEED $5,000,000 AND ADOPTING THE CITY OF ELK <br />RIVER, MINNESOTA, CAPITAL IMPROVEMENT PLAN THEREFOR <br /> <br />A. WHEREAS, the City Council of the City of Elk River, Minnesota (the "City") <br />proposes to issue its general obligation capital improvement plan bonds (the "Bonds") and adopt <br />the 2006 through 2010 Modification to the Five- Year Capital Improvement Plan for the City of Elk <br />River, Minnesota Relating to the Expansion of Municipal Facilities (the "Plan"); and <br /> <br />B. WHEREAS, the City has caused notice of the public hearing on the intention to <br />issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in <br />accordance with Minnesota Statutes, Section 475.521; and <br /> <br />C. WHEREAS, a public hearing on the intention to issue the Bonds and on the <br />proposed Plan has been held on this date, following published notice of the public hearing as <br />required by law; and <br /> <br />D. WHEREAS, in approving the Plan, the City Council considered for each project and <br />for the overall Plan: <br /> <br />1. The condition of the City's existing infrastructure, including the projected <br />need for repair and replacement; <br />2. The likely demand for the improvement; <br /> <br />1 <br />