ORD 12-19 ORDINANCE NO. I2-19
• CITY OF ELK RIVER
AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$10,000,000 GENERAL OBLIGATION REFUNDING BONDS BY THE ECONOMIC
DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA;
PROVIDING FOR THE FORM AND DETAILS THEREOF; AND AUTHORIZING
THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER,
MINNESOTA, TO PLEDGE THE FULL FAITH, CREDIT AND RESOURCES OF
THE CITY OF ELK RIVER, MINNESOTA,
FOR THE SECURITY AND PAYMENT OF THE BONDS
THE CITY OF ELK RIVER,MINNESOTA,DOES ORDAIN:
SECTION 1. Recitals.
(a) The Economic Development Authority for the City of Elk River (the "EDA") has
the powers described in Minnesota Statutes, Sections 469.001 through 469.047, and Minnesota
Statutes,Section 469.090 to 469.108.
(b) The EDA proposes to refund its General Obligation Bonds, Series 2007B (the "Prior
Bonds"), the proceeds of which were used to finance the acquisition and betterment of a recreational
facility owned by the EDA and leased to YMCA of the Greater Twin Cities (formerly known as The
Young Men's Christian Association of Metropolitan Minneapolis, collectively, the "YMCA")) (the
• "Project"). The City and the EDA believe that it is desirable and necessary that there be issued general
obligation refunding bonds to refund the Prior Bonds to achieve debt service cost savings.
(c) A public hearing on the issuance of the Bonds and the use of the Project by the YMCA
was held by the EDA on December 10,2012 following duly published notice, at which time all persons
that desired to speak were heard.
SECTION 2.Bonding Authorization.
(a) Pursuant to and in accordance with the provisions of this Ordinance and the
provisions of Minnesota Statutes, Section 469.102 and Chapter 475 and Section 147(f) of the Internal
Revenue Code of 1986, as amended (the"Code"), the consent of the City Council is hereby given to
the EDA to issue and sell the EDA's general obligation bond or bonds to which the full faith, credit
and resources of the City may and shall be pledged as payment and security.therefor, in one or more
series, in fully registered form, and in an aggregate principal amount not to exceed $10,000,000 (the
"Bonds"), for the purpose of providing funds to assist in refunding the Prior Bonds,together with such
costs of issuance and related costs as may be incidental to the issuance of the Bonds. The EDA shall
set the date, denominations, place of payment, form, content, interest rates and details of the Bonds,
and the City Council hereby consents to the issuance and details of the Bonds, as so determined by the
EDA.The City Council hereby gives specific consent to the pledge of the City's full faith, credit, and
resources to the payment and security of the Bonds.
(b) The Mayor and City Clerk, or any other officers of the City authorized to act in their
• place, (the"City Officials") are authorized and directed to execute on behalf of the City,as the obligated
415279v2 JSB EL185-21
person with respect to the Bonds, a continuing disclosure undertaking in accordance with the
provisions of Rule 15c2-12 promulgated by the Securities and Exchange Commission pursuant to the •
Securities Exchange Act of 1934,as amended.
SECTION 3. Publication. This Ordinance, as adopted on the date hereof, shall be published in
the official newspaper of the City and the iDA.
SECTION 4.Effective Date.The effective date of this Ordinance shall be the date of its adoption.
THIS ORDINANCE was introduced and adopted by the City Council of the City of Elk
River,Minnesota on the 17th day of December,2012 by the following vote:
AYES: Mayor Dietz, Councilmembers Zerwas, Gumphrey, Westgaard, and Motin
NAYS: None
APPRO D:
-4/ 114
ohn J. ietz M r:r
ATTEST:
Tina Allard, City Clerk
415279v2 JSB EL185-21
ORDINANCE NO.12-19
CITY OF ELK RIVER AFFIDAVIT OF PUBLICATION
AN ORDINANCE
AUTHORIZING THE
• ISSUANCE OF NOT TO
EXCEED$10,000,000
GENERAL OBLIGATION
REFUNDING BONDS BY STATE OF MINNESOTA )
THE ECONOMIC SS
DEVELOPMENT COUNTY OF SHERBURNE )
AUTHORITY FOR THE
CITY OF ELK RIVER,
MINNESOTA;
PROVIDING FOR THE
FORM AND DETAILS
THEREOF;AND Heidi Quanrud, being duly sworn on oath says that she is the
AUTHORIZING THE office manager of the Newspaper known as the Star News,and has
ECONOMIC C
DEVELOPMENT full knowledge of the facts which are stated below:
AUTHORITY FOR THE
CITY OF ELK RIVER, (A) The Newspaper has complied with all of the requirements
MINNESOTA,TO PLEDGE
THE FULL FAITH,CREDIT constituting qualifications as a qualified newspaper,as provided by
AND RESOURCES OF Minnesota Statue 331A.02, 331A.07 and other applicable laws, as
THE CITY OF ELK RIVER, ammended.
MINNESOTA,
FOR THE SECURITY AND
PAYMENT OF THE BONDS (B)The printed legal notice,which is attached was cut from the
THE CITY OF ELK RIVER,
MINNESOTA,DOES ORDAIN: columns of said newspaper and was printed and published once a
SECTION 1.Recitals. week for one week;it was first published on Saturday,the 22nd day of
(a)The Economic Develop-. December,2012,and was therefore printed and published on every
ment Authority for the City of
Elk River(the"EDA")has the Saturday to and including Saturday,the 22nd day of December,2012.
powers described in Minnesota
Statutes, Sections 469.001 ,
through 469.047, and Minne-
sota Statutes,Section 469.090 _ r\
to 469.108.
(b)The EDA proposes to 1
refund its General Obligation ijil/CL\ ki\AA-L
Bonds,Series 2007B(the'Prior
Bonds"),the proceeds of which Office Manager
were used to finance the acqui
sition and betterment of a rec Subscribed and sworn to before me on
reational facility owned by the this 22nd day of December,2012
EDA and leased to YMCA of
the Greater Twin Cities(for-
merly known as The Young
Men's Christian Association of
Metropolitan Minneapolis,col-
lectively, the "YMCA"))(the
EDAbelieve The that City and the -
EDA believe that it is desir-
able and necessary that there
be issued general obligation
refunding bonds to refund the T SHELLY RAE WESTOVER
Prior Bonds to achieve debt NOTARY PUBLIC
service cost savings.
UtVli
MI NNESOTA
(c)A public hearing on the My Commission Expires Jan,81,2015•
issuance of the Bonds and the
use of the Project by the YMCA
was held by the EDA on Notary Public
December 10, 2012 following
duly published notice,at which
time all persons that desired to
speak were heard. RATE INFORMATION
(1)Lowest classified rate paid by $ 21.00
commercial users for comparable (line,word or inch rate)
space
(2)Maximum rate allowed by law $ 15-.50
for the above matter (line,word or inch rate)
S (3)Rate actually charged for the $ 15.00
above matter (line,word or inch rate)
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2 7 2012 •
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SECTION 2.Bonding Autho-
rization.
(a)Pursuant to and in accor-
dance with the provisions of
this Ordinance and the provi-
sions of Minnesota Statutes,
Section 469.102 and Chapter
475 and Section 147(f)of the
Internal Revenue Code of 1986,
as amended(the "Code") the
consent of the City Council is
hereby given to the EDA to
issue and sell the EDA's gen-
eral obligation bond or bonds to
which the full faith,credit and
resources orthe City may and
shall be pledged as payment
and security therefor,in one or,/
more series,in fully registered
form,and in an aggregate prin-
cipal amount not to exceed
$10,000,000(the"Bonds"),for
the purpose of providing funds
to assist in refunding the Prior
Bonds,together with such costs
of issuance and related costs as
may be incidental to the issu-
ance of the Bonds. The EDA
shall set the date,denomina-
tions,place of payment,form,
content, interest rates and
details of the Bands,and the
City Council hereby consents to
the issuance and details of the
Bonds,as so determined by the
EDA.The City Council hereby
•
gives specific consent to the
pledge of the City's full faith,
credit, and resources to the
payment and security of the
Bonds.
(b)The Mayor and City Clerk,
or any other officers of the City
authorized to act in their place,
(the"City Officials")are autho-
rized and directed to execute on
behalf of the City,as the obli-
gated person with respect to
the Bonds,a continuing disclo-
sure undertaking in accor-
dance with the provisions of
Rule 15c2-12 promulgated by
the Securities and Exchange
Commission pursuant to the
Securities Exchange Act of
1934,as amended.
SECTION 3.Publication.This
Ordinance, as adopted on the
date hereof,shall be published
in the official newspaper of the
City and the EDA.
SECTION 4. Effective Date.
The effective date of this Ordi-
nance shall be the date of its
adoption.
THIS ORDINANCE was
introduced and adopted by the
City Council of the City of Elk
River,Minnesota on the 17th
day of December,2012.
(D22)