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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: November 2, 2020 Pursuant to due call and notice thereof, a regular meeting of the City Council of City of Elk River, Minnesota, was duly called and held at the City Hall in the City on Monday, the 2nd day of November, 2020, at 6:30 o'clock P.M. The following members were present: Mayor Dietz, Councilmembers Westgaard, Ovall, Wagner and the following were absent: Councilmember Christianson Member Ovall adoption: introduced the following resolution and moved its RESOLUTION 20- 79 PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $7,295,000 TAXABLE GENERAL OBLIGATION SEWER REVENUE REFUNDING BONDS, SERIES 2020C BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: 1. Finding; Amount and Purpose. It is hereby found, determined and declared that the City of Elk River, Minnesota (the "City"), should issue $7,295,000 Taxable General Obligation Sewer Revenue Refunding Bonds, Series 2020C, to refund the February 1, 2023 through February 1, 2035 maturities of the City's General Obligation Sewer Revenue Bonds, Series 2014B, dated August 21, 2014. 2. Meeting. This City Council shall meet on the date and at the time and place specified in the form of Terms of Proposal attached hereto as Exhibit A for the purpose of awarding the sale of the Bonds. 3. Com etitive Negotiated Sale. The City has retained Baker Tilly Municipal Advisors, LLC ("Baker Tilly MA") as an independent municipal advisor, and the City Council hereby determines to sell the Bonds by private negotiation, by way of a competitive sale in response to Terms of Proposal for the Bonds which are not published in any newspaper or journal. 4. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby made a part hereof, provided that the Bonds may be issued in one or more series. J