RES 06-01 • EXTRACT OF MINUTES OF MEETING OF
THE ECONOMIC DEVELOPMENT AUTHORITY OF THE
CITY OF ELK RIVER, MINNESOTA
HELD: July 17, 2006
Pursuant to due call and notice thereof, a special meeting of the Board of
Commissioners of the Economic Development Authority of the City of Elk River,
Minnesota, was duly called and held at the City Hall on July 17, 2006, at 6:00 o'clock
p.m.
The following members were present: Commissioners Gongoll, Dwyer, Farber,
Gumphrey, Klinzing, Motin, and Tveite
and the following were absent: None
Member Gumphrey introduced the following resolution and moved its adoption:
RESOLUTION#06- 01
RESOLUTION CALLING FOR AN ELECTION REGARDING ISSUANCE OF
GENERAL OBLIGATION BONDS BY THE ECONOMIC DEVELOPMENT
AUTHORITY OF THE CITY OF ELK RIVER IN A MAXIMUM AMOUNT OF
$12,000,000
• BE IT RESOLVED by the Board of Commissioners (the "Board") of the City of
Elk River, Minnesota(the "City"), as follows:
1. Background.
a) It is in the best interests of the health, welfare, and safety of the City
and its residents that the Economic Development Authority of the
City ("Authority") acquire and construct a recreational facility (the
"Project")to be owned by the Authority and leased to the YMCA of
Metropolitan Minneapolis("YMCA"); and
b) The Authority is authorized by the provisions of Minnesota Statutes,
Section 469.102 (Act)to issue its obligations to finance the Project in
whole or in part and to pledge the City's full faith, credit and taxing
powers together with revenues of the Project to the payment of such
obligations;
c) The Authority may pledge the City's full faith and credit only if the
City specifically authorizes the Authority to do so, in an amount
authorized by two-third's majority vote of the City Council, and if
consent to such pledge is given by ordinance; and
d) Is necessary and expedient to the sound financial management of the
affairs of the Authority and City that the Project be financed in whole
or in part by the issuance and sale of the Authority's general
obligation bonds pursuant to the Act in an amount not to exceed
• $12,000,000(the"Bonds"); and
• e) In accordance with Minnesota Statues, Section 475.58,the Bonds
may be issued only upon approval by a majority of the electors
voting on the question of issuing such Bonds.
2. Election Called. The proposition for the issuance of the Bonds will be
submitted to the voters of the City at a special election to be held on Tuesday, September 12,
2006. The election will be held and conducted in accordance with the laws of the State of
Minnesota relating to special municipal elections.
3. Ballot; Procedures. The Authority approves the form of the election notice
attached as Exhibit A and the form of the ballot attached as Exhibit B, and delegates to the
City the authority and responsibility for all posting and notices related to the election
required by law, canvassing of the election results, and all other procedures related to
conduct of the election.
The motion for the adoption of the foregoing resolution was duly seconded by
member Klinzing and, after full discussion thereof and upon a vote being
taken thereon,the following voted in favor thereof:
Commissioners Gongoll, Dwyer, Farber, Gumphrey, Klinzing & Tveite
and the following voted against the same:
Commissioner Motin
Whereupon the resolution was declared duly passed and adopted.
Je ongo , Presiden
ATTEST:
7,/i7A,/ 4-te2-x.
Joan 9chmidt, City Clerk
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• EXHIBIT A
Form of Election Notice
CITY OF ELK RIVER, MINNESOTA
NOTICE OF SPECIAL ELECTION
Tuesday, September 12, 2006
NOTICE IS HEREBY GIVEN that a special election will be held in and for the
City of Elk River, Sherburne County, Minnesota, on September 12, 2006 between the
hours of 7:00 a.m. and 8:00 p.m., at which time the following question will be submitted:
"Shall the City of Elk River, Minnesota, be authorized to pledge its full
faith, credit and resources to bonds to be issued by the Economic
Development Authority of the City of Elk River in an amount not to
exceed $12,000,000 to defray the expense of the acquisition and
betterment of a recreational facility owned by the Authority and leased to
the YMCA?
The polling places for said election will be the following locations within the
City, at which places all of the qualified electors of the City residing within such precinct
may cast their ballots:
Precinct Polling Place Address
lA City Hall 13065 Orono Parkway
1B United Methodist Church 1304 Main Street
2A River of Life Church 21695 Elk Lake Road
2B Meadowvale School 12701 Elk Lake Road
3A Ivan Sand School 1232 School Street
3B Lion's Park Center 1104 Lion's Park Drive
4A Twin Lakes Christian 18912 Twin Lakes Road NW
Assemblies of God Church
4B The Church of St. Andrew 566 4th Street
Dated: July 17, 2006.
BY ORDER OF THE CITY COUNCIL
/s/Joan Schmidt
City Clerk
•
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• EXHIBIT B
Form of Ballot
CITY QUESTION BALLOT
SPECIAL ELECTION
CITY OF ELK RIVER
SHERBURNE COUNTY
MINNESOTA
September 12, 2006
INSTRUCTION TO VOTERS: If you wish to vote in favor of the following proposition,
completely fill in the oval ( )next to the word "YES". If you wish to vote against the
following proposition, completely fill in the oval ( ) next to the word "NO".
CITY QUESTION NO. 1:
ACQUISITION AND BETTERMENT OF
RECREATIONAL FACILITY LEASED TO YMCA.
"Shall the City of Elk River, Minnesota, be authorized to
• pledge its full faith, credit and resources to bonds to be
issued by the Economic Development Authority of the City
of Elk River in an amount not to exceed $12,000,000 to
defray the expense of the acquisition and betterment of a
recreational facility owned by the Authority and leased to
the YMCA?
The maximum amount of increased levy as a percentage of market value is
.052%.
The maximum amount that would be raised by the new referendum tax rate in the
first year if it were to be levied is $902,982.
NOTICE: BY VOTING "YES" ON THIS BALLOT
QUESTION, YOU ARE VOTING FOR A PROPERTY TAX
INCREASE. The Economic Development Authority of the City of
Elk River anticipates entering into a lease with The Young Men's
Christian Association of Metropolitan Minneapolis (the "YMCA")
pursuant to which the YMCA will pay one-third of the debt service
of the bonds to be issued by the Economic Development Authority
of the City of Elk River.
YES ( )
• NO ( )
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