RES 12-05RESOLUTION NO. 12- 05
• RESOLUTION PROVIDING FOR THE SALE OF
$1,515,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS,
Council Member Zerwas
SERIES 20126
introduced the following resolution and moved its adoption:
WHEREAS, the City Council of the Ciry of Elk River, Minnesota, has heretofore determined that it
is necessary and expedient to issue the city's $1,515,000 General Obligation Improvement Refunding
Bonds, Series 20126 (the "Bonds"), to crossover refund the city's outstanding General Obligation
Improvement Bonds, Series 2007C; and
WHEREAS, the city 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 Ciry Council of the City of Elk River,
Minnesota, as follows:
1. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit proposals for the
sale of the Bonds.
• 2. Meeting; Proposal O~,ening. The City Council shall meet at 6:30 p.m. on February 21, 2012, for
the purpose of considering proposals for and awarding the sale of the Bonds.
Official Statement. In connection with said sale, the officers or employees of the city 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 city upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
Gumphrey and, after full discussion thereof and upon a vote being taken thereon,
the following Council Members voted in favor thereof: Mayor John Dietz, Councilmembers
Nick Zerwas, Jerry Gumphrey, and Paul Motin
and the following voted against the same: none.
Whereupon said resolution was declared duly passed and adopted.
Dated this 17~' day of January, 2012.
Jo J. Di tz, May
• ATT
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Tina Allard, City Clerk