RES 05-050
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RESOLUTION 05- ~
Councilmember Motin
introduced the following resolution and moved its adoption:
CITY OF ELK RIVER
RESOLUTION PROVIDING FOR THE SALE OF
$1,085,000 G.O. IMPROVEMENT BONDS SERIES 2005A
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 $1,085,000 General Obligation
Improvement Bonds, Series 2005A (the "Bonds"), to finance public improvements
in the City; 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.
2.
Meeting: Proposal Opening. The City Council shall meet at 6:30 p.m. on May 16, 2005,
for the purpose of considering sealed proposals for and awarding the sale of the Bonds.
3. 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 Councilmember
Gumphrey and, after full discussion thereof and upon a vote being taken thereon, the
following Councilmembers voted in favor thereof:
Mayor Klinzing, Councilmembers Dietz, Farber, Gumphrey, and Motin
and the following voted against the same:
None
Whereupon said resolution was declared duly passed and adopted.
Dated this 2nd day of May, 2005
ATTEST