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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 held in the Elk River City Hall on October <br />18, 1999, commencing at 6:00 P.M., C.T. <br /> <br /> During said meeting, Council Member Motin <br />introduced the following Resolution and moved its adoption: <br /> <br />RESOLUTION NO. 75 <br /> <br />RESOLUTION AUTHORIZING DEFEASANCE <br />OF THE CITY'S GENERAL <br /> OBLIGATION IMPROVEMENT <br /> BONDS, SERIES 1994E <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 /> The City has determined to defease all remaining principal <br />and interest obligations on its General Obligation Improvement <br />Bonds, Series 1994E, dated December 1, 1994 (the "1994E Bonds"), <br />including the optional redemption on February 1, 2004, of all <br />1994E Bonds maturing after said date. There has been presented <br />for the Council's agreement a certain Escrow Agreement regarding <br />this defeasance of the 1994E Bonds, and the Mayor and the City <br />Administrator are authorized to execute and deliver that Escrow <br />Agreement, in consultation with the City Finance Director and the <br />City's financial advisor respecting this defeasance, Springsted <br />Incorporated. <br /> <br />Adopted on October 18, 1999, by the Elk River City Council. <br /> <br />1097486.1 <br /> <br /> <br />