RES 05-051
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RESOLUTION 05--.5.L
Councilmember Motin
introduced the following resolution and moved its adoption:
CITY OF ELK RIVER
RESOLUTION PROVIDING FOR THE SALE OF
$1,695,000 G.O. SEWER REVENUE REFUNDING BONDS, SERIES 2005B
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 $1,695,000 G. O. Sewer Revenue
Refunding Bonds, Series 2005B (the "Bonds"), to refinance in advance of its call
date, a portion of the G.O. Sewer Revenue Bonds, Series 1996; 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.
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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 *e City are
hereby authorized to cooperate with Ehlers and participate in the preparation ?f an
official statement for the Bonds and to execute and deliver it on behalf of the ~ity upon
its completion,
The motion for the adoption of the foregoing resolution was duly seconded by Councilm~mber
Gumphrey and, after full discussion thereof and upon a vote being taken thereon, tlp.e
following Councilmembers voted in favor thereof: I
Mayor Klinzing, Councilmembers Dietz, Farber, Gumphrey, anJ 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
A TIEST
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