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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA <br /> <br /> Pursuant to due call and notice thereof, a regular or special meeting of the City <br />Council of the City of Elk River, Minnesota, was duly held in the Elk River City Hall on August <br />12, 2002, commencing at approximately 6:20 P.M., C.T. <br /> <br />The following members of the Council were present: <br /> <br />Mayor Klinzing, Members Dietz, Kuester, Motin and Tveite <br /> <br />and the following were absent: None <br /> <br /> During said meeting, Councilmember Motin introduced the following resolution <br />and moved its adoption: <br /> <br />RESOLUTION NO. 02-71 <br /> <br /> RESOLUTION AUTHORIZING <br /> THE EXECUTION AND DELIVERY OF A SUPPLEMENT TO <br />LEASE PURCHASE AGREEMENT AND CONTINUING DISCLOSURE UNDERTAKING <br /> <br /> WHEREAS, the City of Elk River, Minnesota (the "City"), is authorized, pursuant <br />to Minnesota Statutes, Section 465.71, to enter into certain lease agreements; <br /> <br /> WHEREAS, pursuant to a certain Trust Indenture, dated as of November 1, 1991 <br />(as heretofore amended, the "Indenture"), the Elk River Economic Development Authority (the <br />"Authority") issued its $2,740,000 City Hall Expansion Revenue Bonds (City of Elk River Lease <br />Purchase Obligation), Series 1991, dated November 1, 1991 (the "Series 1991 Bonds"); <br /> <br /> WHEREAS, pursuant to a certain Lease Purchase Agreement, dated as of <br />November 1, 1991 (as heretofore amended, the "Lease"), which was executed and delivered in <br />connection with the issuance of the Series 1991 Bonds, the Authority leased to the City certain <br />land and certain buildings constructed and located thereon (collectively, the "Project"), which the <br />City now occupies and uses for City Hall and related public purposes, and the City agreed to pay <br />to the Authority certain Basic Rent (as defined in the Lease); <br /> <br /> WHEREAS, in order to provide financing for a certain expansion of the Project, it <br />is proposed that the Authority issue its City Hall Expansion Revenue Bonds, Series 2002B (City <br />of Elk River Lease Purchase Obligation), dated as of September 1, 2002 (the "Bonds"); <br /> <br />1431832vl <br /> <br /> <br />