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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 Mall in said City on May 10, <br />1999, at 6:00 o'clock P.M. for the purpose in part of authorizing <br />the sale of the City's $5,725,000 General Obligation Bonds, <br />Series 1999A. <br /> <br /> The following Councilmembers were present: <br /> <br />Mayor Klinzing, Councilmembers Thompson, Dietz, Farber and Motin <br /> <br />and the following were absent: <br /> <br />None <br /> <br /> Farber introduced the following <br />resolution and moved its adoption: <br /> <br /> RESOLUTION 99-36 <br /> RESOLUTION PROVIDING FOR THE SALE OF <br /> THE CITY'S $5,725,000 GENERAL OBLIGATION <br /> BONDS, SERIES 1999A <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 $5,725,000 General Obligation Bonds, Series <br />1999A (the "Bonds"), to finance the assessable and other public <br />improvement projects described in 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 /> 1. Authorization; Findings. The Council hereby <br />authorizes Springsted to solicit bids for the competitive <br />negotiated sale of the Bonds. <br /> <br /> 2. MeetinG; Bid OpeninG. The Council shall meet at <br />the time and place specified in the Terms of Proposal attached <br />hereto and made a part hereof for the purpose of considering <br />sealed bids for and awarding the sale of the Bonds. <br /> <br />1045429.1 <br /> <br /> <br />