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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> <br /> Pursuant to due call and notice thereof, a regular or <br />special meeting of the City Council of the City of Elk River, <br />Minnesota, was duly held at the City Hall in said City on <br />November 9, 1998, at 6:30 o'clock P.M. for the purpose in part <br />of authorizing the sale of the City's $820,000 General Obligation <br />Water Revenue Bonds, Series 1998B. <br /> <br /> The following Councilmembers were present: <br />Mayor Duitsman <br />Councilmembers: Dietz, Thompson, HolmEren <br /> <br />and the following were absent: <br />Councilmember Farber <br /> <br />Councilmember Thompson introduced the following <br />resolution and moved its adoption: <br /> <br /> RESOLUTION 98-122 <br />RESOLUTION PROVIDING FOR THE SALE OF <br />THE CITY'S $820,000 GENERAL OBLIGATION <br /> WATER REVENUE BONDS, SERIES 1998B <br /> <br /> A. WHEREAS, the City Council of the City of Elk <br />River, Minnesota, determines that it is necessary and expedient <br />to issue the City's $820,000 General Obligation Water Revenue <br />Bonds, Series 1998B (the "Bonds"), to finance a new well and <br />related water treatment facility improvements, as further <br />described on the attached schedule; and <br /> <br /> B. WHEREAS, the City has retained Springsted <br />Incorporated, in Saint Paul, Minnesota ("Springsted"), as its <br />independent financial advisor and is therefore authorized to sell <br />these obligations by a competitive negotiated sale in accordance <br />with Minnesota Statutes, Section 475.60, Subdivision 2(9); and <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Elk River, Minnesota, as follows: <br /> <br />996108. I <br /> <br /> <br />