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EXTRACT OF MINq3TES OF A MEETING OF THE <br />CITY COLIP~C!L OF ~THE CITY OF <br /> ELK RiVeR,~ M%NNESOTA <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 July 15, <br />1996, commencing at 6~0D P.M., C.T., in part for the purpose <br />of considering certain offers which had been received for the <br />purchase of the City's $2,100,000 General Obligation Ice Arena <br />Bonds, Series 1996C. <br /> <br /> The following Councilmembers were present: <br />DUITSMAN, DIETZ, SCHEEL, FARBER and HOLMGREN <br /> <br />and the following were absent: <br /> <br />None <br /> <br /> During said meeting Councilmember Farber <br />introduced the following Resolution and moved its adoption: <br /> <br />RESOLUTION NO.~ 96-45 <br /> <br />RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$2,100,000 GENERAL OBLIGATION iCE <br />ARENA BONDS, SERIES 1996C <br /> <br /> BE IT RESOLVED by the City Council (the "Council") of <br />the City of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. R~citals. It is hereby determined: <br /> <br /> (a) Pursuant to Minnesota Statutes, Sections 471.15 to <br />471.1911 and 475.58, Subdivision 3, the City has dete~mined <br />to ac.c/mire, develop, equip, furnish, operate, and maintain <br />an indoor ice arena intended to be used predominately for <br />youth athletic facilities (the "Ice Arena"), and the costs <br />of completing and financing the ice Arena are currently <br />estimated to be not less than $2,100,000. <br /> <br />324502.1 <br /> <br /> <br />