04-057 RES Resolution No. 04-57
Council Member Kuester introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$940,000 Electric Revenue Bonds, Series 2004A
WHEREAS, the City Council of the City of Elk River, Minnesota, has heretofore determined that it is
necessary and expedient to issue the City's $940,000 Electric Revenue Bonds, Series 2004A (the
"Bonds"), to fund certain improvements to the City's electric utility system; 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 City Council of Elk River, Minnesota, as follows:
1. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale
of the Bonds.
Meeting; Proposal Opening. The City Council shall meet at City Hall on August 2, 2004, for the
purpose of considering a resolution awarding the sale of the Bonds, contingent upon the actual sealed
bids being received on August 3rd and reviewed by a pricing committee appointed by the City
Council.
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 Dietz
and, after full discussion thereof and upon a vote being taken thereon, the following Council Members
voted in favor thereof:
Mayor Klinzing, Council Members Dietz, Kuester, Motin, and Tveite
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted this 19th day of July, 2004.
Prepared by Ehlers & Associates, Inc.
04-57