99-075 RESEXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
ELK RIVER, MINNESOTA
Pursuant to due call and notice thereof, a regular or
special meeting of the City Council of the City of Elk River,
Minnesota, was duly held in the Elk River City Hall on October
18, 1999, commencing at 6:00 P.M., C.T.
During said meeting, Council Member Motin
introduced the following Resolution and moved its adoption:
RESOLUTION NO. 75
RESOLUTION AUTHORIZING DEFEASANCE
OF THE CITY'S GENERAL
OBLIGATION IMPROVEMENT
BONDS, SERIES 1994E
BE IT RESOLVED by the City Council (the "Council") of the
city of Elk River, Minnesota (the "City"), as follows:
The City has determined to defease all remaining principal
and interest obligations on its General Obligation Improvement
Bonds, Series 1994E, dated December 1, 1994 (the "1994E Bonds"),
including the optional redemption on February 1, 2004, of all
1994E Bonds maturing after said date. There has been presented
for the Council's agreement a certain Escrow Agreement regarding
this defeasance of the 1994E Bonds, and the Mayor and the City
Administrator are authorized to execute and deliver that Escrow
Agreement, in consultation with the City Finance Director and the
City's financial advisor respecting this defeasance, Springsted
Incorporated.
Adopted on October 18, 1999, by the Elk River City Council.
1097486.1