02-04-2013 SPEC EDA MIN SPECIAL MEETING OF THE ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY
HELD AT THE ELK RIVER CITY HALL
MONDAY, FEBRUARY 4, 20I 3
Members Present: Commissioners Dwyer,Motin,Burandt,and Westgaard
Members Absent: President Tveite and Provo
Staff Present: Community Operations and Development Director Suzanne Fischer,
Assistant Director of Economic Development Clay Wilfahrt,Finance
Director Tim Simon,and Senior Administrative Assistant Jennifer Johnson
1. Call Meeting To Order
Pursuant to due call and notice thereof,the meeting of the Economic Development
Authority was called to order at 6:00 p.m.by Acting President Dwyer.
2. Consider Resolution Authorizing the Issuance of General Obligation Refunding Bonds,
Series 2013A
Mr.Simon presented the staff report.Mark Ruff of Ehlers and Associates was present to
present the results of the January 15,2012,Sale Report,included in the staff report.He
explained the benefits and cost savings of issuing the refunding bonds,and along with the
• city's AA+ rating from Standard and Poor's,provided a very efficient rate of refinancing,
allowing for an interest savings of over$1 million dollars.
MOVED BY COMMISSIONER MOTIN AND SECONDED BY
COMMISSIONER WESTGAARD TO ADOPT RESOLUTION #13-01
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING
BONDS,SERIES 2013A,PROVIDING FOR THEIR ISSUANCE,AND LEVYING
A TAX FOR THE PAYMENT THEREOF. MOTION CARRIED 4-0.
3. Adjournment
There being no other business,Acting President Dwyer adjourned the special meeting of the
Elk River Economic Development Authority at 6:11 p.m.
Minutes prepared by Jennifer Johnson.
Dan Tveite,President
Tina Allard, City Clerk
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