RES 12-05 • EXTRACT OF MINU'T'ES OF A MEETING OF THE
BOARD OF COMMISSIONERS OF THE
ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER,MINNESOTA
Pursuant to due call and notice thereof, a regular or special meeting of the Board of
Commissioners of the Economic Development Authority for the City of Elk River, Sherburne County,
Minnesota,was duly held at the City Hall,in the City of Elk River on December 10,2012 at 5:30 P.M.
The following members were present: President Tveite, Commissioners Dwyer,
Gumphrey, Motin, Westgaard and Zerwas
and the following were absent: Commissioner Provo
• Member Zerwas introduced the following resolution, and moved its
adoption:
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RESOLUTION NO.12-05
•
A RESOLUTION PROVIDING FOR THE SALE OF
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013A;
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority
for the City of Elk River,Minnesota (the"Authority"),as follows:
1. It is hereby determined that:
(a) the Authority is authorized by the provisions of Minnesota Statutes, Sections
469.090-469.1082 and Chapter 475 (collectively, the"Act") and Section 475.67, Subdivision 13
of the Act to issue and sell its general obligation bonds to refund outstanding bonds when
determined by the Board of Commissioners to be necessary and desirable;
(b) it is necessary and desirable that the Authority issue General Obligation
Refunding Bonds, Series 2013A (the `Bonds") in an amount not to exceed $10,000,000 to
refund in advance of maturity and at their redemption date, certain outstanding general
obligations of the Authority, the proceeds of which were used to finance the acquisition and
betterment of an existing recreational facility located at 13337 Business Center Drive NW in
• Elk River(the"Project");
(c) the outstanding bonds to be refunded (the"Refunded Bonds") consist of the
$10,000,000 General Obligation Bonds, Series 2007B, dated November 8, 2007, of which
$9,225,000 in principal amount is callable on February 1,2017;
(d) A public hearing on the issuance of the Bonds and the use of the Project
pursuant to a lease with YMCA of the Greater Twin Cities was held on this date following duly
published notice,at which time all persons that desired to speak were heard.
2. Subject to approval by the City Council of an ordinance adopted in accordance with
Section 469.102, subdivision 4, Ehlers & Associates, the Authority's financial advisor ("Ehlers"), is
authorized and directed to structure the terms of the Bonds, subject to the parameters set forth below,
and is further authorized to solicit proposals for the Bonds and negotiate the sale of the Bonds on
behalf of the Authority. The Board of Commissioners authorizes the President and Executive Director
of the Authority and the Mayor, City Administrator and Finance Director of the City of Elk River (the
"Pricing Committee") to consider proposals, award the sale of the Bonds and take any other
appropriate action with respect to the Bonds,provided that the proposal of the selected purchaser (the
"Purchaser") must (a) produce debt service savings such that the present value of the debt service on
the Bonds (computed to their stated maturity dates) is lower by at least 5%than the present value of the
debt service on the Refunded Bonds, (b) provide that the principal amount of the Bonds shall not
exceed$10,000,000, and (c) provide that the final maturity of the Bonds shall be no later than February
• 1,2033.
415233v2 JSB EL185-21
3. The Board of Commissioners will meet on the first practicable date after acceptance by
• the Pricing Committee of a proposal from the Purchaser, to ratify such acceptance and take any other
appropriate action with respect to the Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Dwyer , and upon vote being taken thereon, the following voted in favor
thereof: Chair Tveite, Commissioners Dwyer, Gumphrey, Motin, Westgaard and
Zerwas
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
Dan Tveite,EDA Present
• :.
Annie Deckert,Director of Economic Development
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415233v2 JSB EL185-21
STATE OF MINNESOTA
• COUNTY OF SHERBURNE
ECONOMIC DEVELOPMENT
AUTHORITY FOR THE CITY OF ELK RIVER
I, the undersigned, being the duly qualified and acting Executive Director of the Economic
Development Authority for the City of Elk River, Minnesota, do hereby certify that I have carefully
compared the attached and foregoing extract of minutes of a regular meeting of the Board of
Commissioners of the Authority held on December 10, 2012 with the original minutes on file in my
office and the extract is a full,true and correct copy of the minutes insofar as they relate to the issuance
and sale of General Obligation Refunding Bonds,Series 2013A of the Authority.
WITNESS My hand officially as such Executive Director of the Authority this 12th day of
1
December,2012.
Executive Director
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