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• Resolution No. 07-09 Commissioner Tveite introduced the following resolution and moved its adoption: Resolution Providing for the Sale of $2,000,000 G.O. Bonds, Series 2008 A. WHEREAS, the Board of Commissioners of the Elk River Economic Development Authority, has heretofore determined that it is necessary and expedient to issue the $2,000,000 G.O. Bonds, Series 2008 (the "Bonds"),to fund a community center pursuant to a referendum and; B. WHEREAS,the Economic Development Authority has retained Ehlers&Associates, Inc., in Roseville, Minnesota("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); NOW, THEREFORE,BE IT RESOLVED by the Board of Commissioners of the Elk River Economic Development Authority, as follows: 1. Authorization; Findings. The Board hereby authorizes Ehlers to solicit proposals for the sale of the Bonds. 2. Meeting; Proposal Opening. The Board shall meet at City Hall on January 22, 2008, for the purpose of considering a resolution awarding the sale of the Bonds. 3. Official Statement. In connection with said sale,the officers or employees of the City and Economic Development Authority are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the Economic Development Authority upon its completion. The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Klinzing and, after full discussion thereof and upon a vote being taken thereon,the following Commissioners voted in favor thereof: President Gongoll, Commissioners Dwyer, Farber, Zerwas, Tveite, Motin, and Klinzing and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. Dated this l0thday of December ,2007 ✓� f Etn -s n •