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CITY OF ELK RIVER RESOLUTION NO. 00-91 RESOLUTION ACCEPTING OFFER TO PURCHASE THE CITY'S $800,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2000A AND PROVIDING FOR THEIR ISSUANCE WHEREAS, it is hereby determined that the City should issue its $800,000 General Obligation Tax Increment Bonds, Series 2000A, (the "Bonds"), to defray a portion of certain public improvements (the "Improvements" or "Project") to be incurred within and for the benefit of the Elk River Economic Development Authority's (the "EDA") Tax Increment Financing District No. 19 pursuant to Minnesota Statutes, Chapters 469 and 475, as follows: Estimated Total Project Costs Allowance for Discount Costs of Issuance Capitalized Interest $ 725,000 11,900 14,550 48,550 Net Bond Issue $ 800,000 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River as follows: Acceptance of Offer. The offer of (the "Purchaser"), to purchase the City's $800,000 General Obligation Tax Increment Bonds, Series 2000A (the "Bonds", or individually a "Bond"), at the rates of interest and upon the other terms set forth in this Resolution, and to pay therefor the sum of $ plus interest accrued to settlement, is hereby accepted. 2. Title; Original Issue Date; Maturities; Denominations. (a) Title and Maturities. The Bonds shall be titled "General Obligation Tax Increment Bonds, Series 2000A," shall be dated November 1, 2000, as the date of original issue, and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R- 1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity. The Bonds shall mature on February 1 in the years and amounts as follows: 1217682.1