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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COLrNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: May 13, 1996 <br /> <br /> Pursuant to due call and notice thereof, a regular <br />meeting of the City Council of the City of Elk River, Sherburne <br />County, Minnesota, was duly held at the City Hall in said City on <br />the 13th day of May, 1996, at 7:00 o'clock P.M. for the purpose <br />in part of authorizing the competitive negotiated sale of the <br />$500,000 General Obligation Improvement Bonds, Series 1996B of <br />said City. <br /> <br /> The following members were present: <br />MAYOR DUITSMAN <br />COUNCILMEMBERS: DIETZ, SCHEEL, FARBER & HOLMGREN <br /> <br />and the following were absent: <br /> <br />Member SCHEEL introduced the following <br />resolution and moved its adoption: <br /> <br />RESOLUTION 96-27 <br /> <br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED <br />SALE OF $500,000 <br /> GENER~AL OBLIGATION IMPROVEMENT BONDS, <br /> SERIES 1996B <br /> <br /> A. WHEREAS, the City Council of the City of Elk <br />River, Minnesota, has heretofore determined that it is necessary <br />and expedient to issue its $500,000 General Obligation <br />Improvement Bonds, Series 1996B (the "Bonds") to finance various <br />improvements in the City; 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 />320406.1 <br /> <br /> <br />