8.0. EDSR 07-08-2002 Item 8.
O �
City of
Elk
River
MEMORANDUM
TO: Economic Development Authority
FROM: Lori Johnson, Finance Director
DATE: July 8, 2002
SUBJECT: Consider Resolution Providing for the Sale of Public Project
Revenue Bonds, Series 2002A
In April the EDA held a public hearing on Development Project No. 1 and adopted a
resolution approving the development project and development program that allow the EDA
• to finance public facilities through lease revenue bonds. The City Council is scheduled to act
on the bids for the new public safety and Elk River Municipal Utilities buildings at its meeting
on July 8. Therefore,it is appropriate that the EDA take action to sell the bonds to finance
these projects.
Attached is a resolution to set the sale for the lease revenue bonds to finance construction of
these two projects in an amount not to exceed$9,700,000. The public safety portion of the
bond is $8,000,000,which will be repaid with property taxes, and the balance is for ERMU's
addition,which will be repaid with utility revenues. The sale has been set for August 12 at
which time bids will be accepted and presented to the EDA for approval.
Action Requested
The EDA is asked to approve the attached resolution providing for the sale of public project
revenue bonds, series 2002A in an amount not to exceed$9,700,000.
s:\eda\publicrevenuebonds.doc
•
2-• RESOLUTION 02-
110
A RESOLUTION OF THE CITY OF ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY
A RESOLUTION PROVIDING FOR THE SALE OF PUBLIC PROJECT
REVENUE BONDS, SERIES 2002A
WHEREAS, the Board of Commissioners (the "Board of Commissioners") of
the Economic Development Authority of the City of Elk River,
Minnesota (the "Authority"), has heretofore determined that it is
necessary and expedient to issue Public Project Revenue Bonds,
Series 2002A, in an amount not to exceed $9,700,000 (the
"Bonds"), to provide funds for the construction of a new Public
Safety Building and for the renovation of and construction of an
addition to the existing City Hall in the City of Elk River (the
"City"); and
WHEREAS, the Authority, in cooperation with the City, has retained Ehlers
& Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent financial advisor for the Bonds and it is therefore
authorized to solicit proposals in accordance with Minnesota
• Statutes, Section 475.60, Subdivision 2(9);
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of
the Economic Development Authority of the City of Elk River, Minnesota, as
follows:
1. Authorization: Findings. The Board of Commissioners hereby
authorizes Ehlers to solicit proposals for the sale of the Bonds.
2. Meeting: Proposal Opening. The Board of Commissioners shall meet
on August 12, 2002, at such time as will be determined, for the purpose
of considering sealed proposals for, and awarding the sale of the Bonds.
The Secretary, or designee, shall open proposals at the time and place as
will be determined in cooperation with Ehlers.
3. Terms of Proposal. The terms and conditions of the Bonds and the
sale thereof will be fully set forth in a Bond Sale Report to be prepared
and provided to the Board of Commissioners by Ehlers.
4. Official Statement. In connection with said sale, the officers or
employees of the Authority and 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
Authority and the City upon its completion.
Commissioner moved the adoption of the foregoing
• resolution, which resolution was duly seconded by Commissioner
, and, after full discussion thereof and upon a vote being
taken thereon, the following Commissioners voted in favor thereof:
and the following voted against the same:
Passed and adopted this 8th day of July 2002.
Jeffrey A. Gongoll, President
ATTEST:
Sandra A. Peine, City Clerk
•
s:\eda\revbondsresolution.doc
•
JUN. 27. 2002 9 : 19AM EHLERS & ASSOC. N0, 0865 P. 2
411 Resolution No.
Commissioner introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
Public Project Revenue Bonds, Series 2002A
A. WHEREAS,the Board of Commissioners(the "Board of Commissioners")of the Economic
Development Authority of the City of Elk River,Minnesota(the "Authority"),has heretofore determined
that it is necessary and expedient to issue Public Project Revenue Bonds, Series 2002, in an amount not
to exceed$9,700,000(the "Bonds"), to provide funds for the construction of a new Public Safety
Building and for the renovation of and construction of an addition to the existing City Hall in the City of
Elk River(the "City"); and
B_ WHEREAS,the Authority, in cooperation with 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 Board of Commissioners of Economic Development
Authority of the City of Elk River, Minnesota, as follows:
1. Authorization:Findings. The Board of Commissioners hereby authorizes Ehlers to solicit proposals for
the sale of the Bonds.
2. Meeting;Proposal Opening. The Board of Commissioners shall meet on August 12,2002, at such time
• as will be determined,for the purpose of considering sealed proposals for, and awarding the sale of the
Bonds_ The Secretary, or designee,shall open proposals at the time and place as will be determined in
cooperation with Ehlers.
3. Terms of Proposal. The terms and conditions of the Bonds and the sate thereof will be fully set forth in
a Bond Sale Report to be prepared and provided to the Board of Commissioners by Ehlers.
4. Official Statement. In connection with said sale,the officers or employees of the Authority and 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 Authority and the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
and, after full discussion thereof and upon a vote being taken thereon,the
following Commissioners voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this day of July,2002.
•
Secretary