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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br /> 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 called and held at the Elk River City Hall on <br /> September 13, 1999, beginning at 6:00 o'clock P.M., C.T. <br /> The following members of the Council were present:° <br /> Mayor Klinzing ~ <br /> Councilmembers: Dietz, Thompson, Farber and Motin <br /> and the following were absent: None <br /> <br /> Councilmember Farber <br />following resolution and moved its adoption: <br /> <br />introduced the <br /> <br />RESOLUTION NO. 67 <br /> <br />RESOLUTION INITIATING THE PRocEss FOR THE <br />SALE OF THE CITY'S <br /> GENERAL OBLIGATION IMPROVEMENT REFUNDING <br /> BONDS, SERIES 1999B <br /> <br /> BE IT RESOLVED by the City Council (the ,'Council") of the <br />City of Elk River, Minnesota (the "City"), as follows: <br /> <br /> 1. The Council hereby finds and determines the following: <br /> (a) The Council believes it to be in the <br /> City's best interest to consider a crossover advance <br /> refunding of the City's General Obligation <br /> Improvement Bonds, Series 1994A, dated June 1, 1994, <br /> issued in the original principal amount of <br /> $3,495,000 (the "Prior Bonds"). <br /> <br /> (b) The Prior Bonds are subject to prepayment <br /> on February 1, 2001, at the option of the City at <br /> the redemption price of par plus accrued interest. <br /> (c) The refunding of the Prior Bonds is <br /> consistent with covenants made with the holders <br /> thereof and is necessary and desirable for and will <br /> <br />1080175.1 <br /> <br /> <br />