Resolution 05-98 Canvassing Special Election

BE IT RESOLVED, by the City Council (the “City Council”) of the City of Mountain Iron, Minnesota (the “City”), as follows:

Section 1. It is hereby found, determined and declared that the special election of the voters of the City held on Tuesday, February 10, 1998, was in all respects, duly and legally called and held, upon the following question:

“Shall the City of Mountain Iron, Minnesota borrow money by issuing its general obligation bonds in a maximum amount of $1,000,000 for the purpose of paying costs of acquisition and betterment of a community center building?

BY VOTING “YES” ON THIS BALLOT QUESTION YOU ARE VOTING FOR A PROPERTY TAX INCREASE.

THE MAXIMUM AMOUNT OF THE INCREASED LEVY WILL BE .1182327% OF MARKET VALUE OF PROPERTY IN THE CITY OF MOUNTAIN IRON. $ 88,681 WILL BE RAISED IN 1998, THE FIRST YEAR IT IS TO BE LEVIED.”

As specified in the attached Abstract and Return of Votes Cast, a total of 471 voters of the City voted at said election, pursuant to and in accordance with Minnesota Statutes, Chapter 475, of which 247 voted in favor, 224 voted against the same.

Said Question having received the approval of at least a majority of such votes, is hereby declared to have carried.

Section 2. There were zero completely blank or defective ballots.

Section 3. The Clerk of the City is hereby directed to certify the results of the election to the County Auditor(s) in which the City is located.

Adopted this 11th day of February, 1998.