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<br />e <br /> <br />e <br /> <br />e <br /> <br />EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: MAY 7, 2007 <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 May 7, <br />2007, at 7:30 P.M., for the purpose, in part, of awarding the sale of a $300,500 General <br />Obligation Equipment Certificate, Series 2007B. <br /> <br />The following members were present: Mayor Klinzing, Councilmembers <br /> <br />Farber, Motin, and Zerwas <br />and the following were absent: Councilmember Gumphrey <br /> <br />Member Farber <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 07--.!!JL <br /> <br />RESOLUTION A WARDING THE SALE OF A $300,500 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATE, SERIES 2007B; FIXING ITS FORM AND SPECIFICATIONS; <br />DIRECTING ITS EXECUTION AND 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 />I. It is hereby determined: <br /> <br />(a) It is necessary and expedient to issue a $300,500 General Obligation <br />Equipment Certificate, Series 2007B (the "Certificate") pursuant to Minnesota Statutes, <br />Section 412.301, to finance the costs of the acquisition of certain items of capital (the <br />"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 $300,500 amount of the Certificate does not exceed <br />0.25% ofthe market value of the taxable property in the City ($1,786,411,900 x 0.25% is <br />$4,466,030); and <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 terms and <br />conditions as determined by the City Council. <br /> <br />2. The City shall forthwith issue and sell the Certificate which shall be issued as a <br />single, fully registered obligation without interest coupons, shall mature, bear interest and be <br />subject to redemption as provided in the form of the Certificate. <br /> <br />2014559v1 <br />