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<br />e <br /> <br />e <br /> <br />e <br /> <br />. . <br /> <br />I- . <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />ELK RIVER, MINNESOTA <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 called and held at the Elk River City Hall on <br />May 2,1994, commencing at 6:00 P.M., C.T. <br /> <br />The following Councilmembers were present: <br /> <br />Mayor Duitsman, Councilmembers Dietz, Scheel, Farber and Holmgren <br />and the following were absent: None <br /> <br />Councilmember ~r.hp-el <br />following resolution and moved its adoption: <br /> <br />introduced the <br /> <br />RESOLUTION NO. 94-42 <br /> <br />RESOLUTION INITIATING THE PROCESS FOR THE SALE <br />OF THE CITY'S $3,495,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 1994A <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the <br />City of Elk River (the "City"), Minnesota, as follows: <br /> <br />1. It is hereby determined: <br /> <br />(a) The City has duly ordered the making of and has <br />undertaken or will undertake the. assessable public <br />improvements described in the attached Exhibit A (the <br />"Improvementslt) within the City pursuant to and in full <br />conformity with Minnesota Statutes, Chapter 429. <br /> <br />(b) It is necessary for the City to issue its <br />$3,495,000 General Obligation Improvement Bonds, Series <br />1994A (the "Bonds"), pursuant to Minnesota statutes, <br />Chapters 4 2 9 and 4 7 5 , to provide financing for the <br />Improvements. <br /> <br />(c) The City has retained Springsted Incorporated, <br />in Saint Paul, Minnesota (ltSpringstedlt) , as its <br />independent financial advisor for the Bonds and is <br />therefore authorized to sell the Bonds by a competitive <br />negotiated sale in accordance with Minnesota Statutes, <br />Section 475.60, Subdivision 2(9). <br /> <br />262807.1 <br />