RES 02-03 RESOLUTION 02-n3
• 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 Motin moved the adoption of the foregoing resolution, which
resolution was duly seconded by Commissioner Koenig, and, after full
• discussion thereof and upon a vote being taken thereon, the following
Commissioners voted in favor thereof:
Vice President Dwyer, Commissioners Motin, Koenig, Tveite, Kuester
and Klinzing
and the following voted against the same: None
Passed and adopted this 8th day of July 2002.
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1164
Patrick Dwyer, Vice President
ATTEST:
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Sandra A. Peine, City Clerk
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