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Extract of Minutes of Meeting of the City Council of the City of Elk River, Sherburne County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Elk River, Minnesota, was duly held in the City Hall in the City of Elk River, on Monday,June 17, 2013, commencing at 6:30 p.m. The following members were present: Mayor Dietz, Councilmembers Wilson, Durandt, Westgaard, and Motin and the following were absent: None Member Wilson introduced the following resolution and moved its adoption: RESOLUTION NO. 13-. 35 RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING ELECTRIC REVENUE BONDS, SERIES 2004A OF THE CITY BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County, Minnesota (the"City"),as follows: 1. The City has issued its Electric Revenue Bonds, Series 2004A, dated August 1, 2004 (the`Bonds"), in the original aggregate principal amount of $940,000. The Bonds maturing on February 1 in the years 2014 and 2015, in the aggregate principal amount of$225,000 (the "Callable Bonds"),are subject to redemption and prepayment on any date at a price of par plus accrued interest. 2. The Elk River Municipal Utilities Commission has requested, and it is determined that it is in the sound financial management of the City, that the Callable Bonds be prepaid and redeemed on August 1, 2013, or such later date for which proper notice of call may be given, and such bonds are hereby called for redemption on such date. 3. The City Finance Director is authorized and directed to request that U.S. Bank National Association, the paying agent and bond registrar (the "Registrar"), mail the Notice of Call for Redemption in substantially the form attached hereto as Exhibit A to the registered owners of each Bond to be redeemed at the addresses shown on the registration books kept by the Registrar. 423469v2 JS13 ELI 85-18