07-29-1986 CC MIN - SPECIAL
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Special Meeting of the Elk River City Council
Held at the County Administrative Building
July 29, 1986
Members Present:
Mayor Hinkle, Councilmembers Gunkel, Schuldt, and Williams
Members Absent:
Councilmember Engstrom
Staff Present:
Pat Klaers, City Administrator
Mayor Hinkle called the meeting or order at 6:34 p.m.
Background information regarding the bond sale for the County Law Enforcement
facility was provided by Ms. Carolyn Drude, of Ehler's and Associates. Ms. Drude
gave information to the Council regarding the lease purchase plan and the
accual bond amounts that were submitted. It was clearly indicated by Ms. Drude
that the City will issue the bonds for the County Law Enforcement facility and
then will enter into a lease arrangement with the County.
COUNCILMEMBER GUNKEL MOVED TO ADOPT RESOLUTION 86-51 A RESOLUTION OF THE CITY OF
ELK RIVER, MINNESOTA (THE CITY), AUTHORIZING THE ISSUANCE OF $1,750,000 LAW
ENFORCEMENT FACILITY REVENUE BONDS (SHERBURNE COUNTY UNLIMITED TAX LEASE OBLIGA-
TION) SERIES 1986, WHICH BONDS AND THE INTEREST AND ANY PREMIUM THEREON SHALL
BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM THE SUBLEASE AGREEMENT;
AWARDING THE SALE OF THE BONDS; PRESCRIBING THE FORM OF AND AUTHORIZING THE
EXECUTION OF AN INDENTURE OF TRUST; AUTHORIZING THE EXECUTION OF THE BONDS AND
DIRECTING THE AUTHENTICATION AND DELIVERY THEREOF; PRESCRIBING THE FORM OF AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT BY AND BETWEEN
SHERBURNE COUNTY (THE COUNTY) AND THE CITY; PRESCRIBING THE FORM OF AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A SUBLEASE AGREEMENT BY AND BETWEEN
THE CITY AND COUNTY; AUTHORIZING AND APPROVING THE FORM OF THE OFFICIAL
STATEMENT; AND PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES OF THE HOLDERS
OF SAID BONDS. - [7/29/86] COUNCILMEMBER WILLIAMS SECONDED THE MOTION. THE
MOTION PASSED 4-0.
COUNCILMEMBER GUNKEL MOVED TO ADJOURN THE MEETING. COUNCILMEMBER WILLIAMS
SECONDED THE MOTION. THE MOTION PASSED 4-0.
There being no further business, the meeting was adjourned at 6:37 p.m.
Respectfully submitted,
q/~
Pat Klaers
City Administrator