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EXTRACT OF MINUTES OF A MEETING <br />• OF THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br />HELD: January 22, 2008 <br />Pursuant to due call and notice thereof, a regular ox special meeting of the City <br />CouncIl of the City of Elk River, Minnesota, was duly held at the City Hall on January 22, <br />2008, at 6:30 P.M. <br />The following members were present: <br />Mayor Rlinzing, Councilmembers Farber and Motin <br />and the following were absent: <br />Councilmembers Gumphrey and Zerwas <br />Member Metro introduced the following resolution and moved its <br />adoption: <br />RESOLUTION 08-~ <br />RESOLUTION AUTHORIZING A CONTINUING DISCLOSURE <br />UNDERTAKING WITH REGARD TO THE ISSUANCE OF $2,000,000 <br />GENERAL OBLIGATION BONDS, SERIES 2008A OF THE ECONOMIC <br />DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, <br />• MINNESOTA <br />A. WHEREAS, the Economic Development Authority for the City of Elk <br />River, Minnesota, a body corporate and politic (the "Authority"), will provide for the <br />acquisition and betterment of a recreational facility (the "Project") to be leased to the <br />YMCA; and <br />B. WHEREt1S, at the request of the Authority, on October 15, 2007, the <br />Council adopted and approved Ordinance No. 07-13 (the "Ordinance"), authorizing the <br />issuance of general obligation bonds of the City by the Authority in an aggregate principal <br />amount not exceeding $2,000,000. The Ordinance was duly adopted, after following all <br />applicable procedures in relation to its approval prescribed by the laws of the State of <br />Minnesota. The Ordinance has not been repealed, suspended or amended and remains in <br />full force and effect on the date hereof. In order to finance the Project, the Authority will <br />issue its $2,000,000 aggregate principal amount of General Obligation Bonds, Series 2008A, <br />dated February 2Q 2008 (the "Bonds"), pursuant to a resolution adopted by the Board of <br />Commissioners of the Authority on January 22, 2008 (the "Resolution"); and the Bonds axe <br />hereby found and determined by the Councll to be within the authorization and limits <br />prescribed by the Ordinance. <br />C. WHEREAS, the Authority is the issuer of the Bonds, however, the City is an <br />obligated person under the provisions of Rule 15c2-12 (the "Rule") promulgated by the <br />Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, <br />• as amended, and the City is therefore subject to continuing disclosure requirements under <br />08-07 <br />