92-059 RES
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EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE CITY
OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA
Pursuant to due call and notice thereof a regular meeting
of the City Council of the City of Elk River, Sherburne County,
Minnesota, was held at the Elk River City Library in said City
on Monday, July 6, 1992, commencing at 7:00 p.m.
The following members were present:
Mayor Tralle, Councilmembers Schuldt, Dietz and Holmgren
and the following were absent: Councilmember Kropuenske
The following resolution was presented by Councilmember
Schuldt who moved its adoption:
RESOLUTION NO.
92-59
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF
$560,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS,
SERIES 1992C
BE IT RESOLVED by the City Council of the City of Elk
River, Sherburne County, Minnesota (the City) as follows:
Section 1. Findinqs.
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1.01 The authorization and construction of an improvement
project known as the Hillside Estates Development Improvement
Project (the Project) is cpntemplated. Springsted Incorporated
(Springsted), fiscal consultant to the City, has recommended
the City issue general obligation temporary improvement bonds
to finance the Project.
1.02 Springsted has recommended the City authorize the
sale of general obligation temporary improvement bonds in the
aggregate principal amount of Five Hundred Sixty Thousand
Dollars ($560,000).
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1.03 It is necessary and desirable to the sound financial
management of the City that the City issue and sell its General
Obligation Temporary Improvement Bonds, Series 1992C (the
Bonds) to finance the costs of the Project.
Section 2. Sale of Bonds.
2.01 In anticipation of the issuance of improvement bonds,
the City shall issue and sell the Bonds pursuant to
Section 429.091, Subdivision 5, and Chapter 475 of Minnesota
Statutes, to pay any part of all of the cost of the Project.
The authorized principal amount of the Bonds shall be Five
Hundred Sixty Thousand Dollars ($560,000). The Bonds shall be
issued and sold in accordance with the Terms of Proposal, a
copy of which, marked Exhibit A, is attached hereto and made a
part hereof.
2.02 The Bonds shall mature within not more than three
years from their date of issue. To the extent that the
principal of and interest on the Bonds cannot be paid when due
from receipts of special assessments, taxes, or other funds
appropriated for the purpose, the Bonds shall be paid from the
proceeds of improvement bonds or additional temporary
improvement bonds which the City Council shall offer for sale
in advance of the maturity of the Bonds, but the indebtedness
funded by the issuance of the Bonds shall not be extended by
the issuance of additional temporary improvement bonds for more
. than six years from the date of issue of the Bonds.
2.03 Springsted is authorized and directed to negotiate on
behalf of the City with potential purchasers of the Bonds for
the purchase of the Bonds in accordance with the Terms of
Proposal. Proposals for the purchase of the Bonds will be
received by the City Administrator or his designee on Monday,
August 3, 1992, until 11:30 a.m., Central Time, at the offices
of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100,
Saint Paul, Minnesota, after which time they will be opened and
tabulated. Consideration for award of the Bonds will be by the
City Council at 7:00 p.m., Central Time, of the same day.
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The motion for the adoption of the foregoing resolution was
duly seconded by Councilmember Holmqren and upon vote
being taken thereon, the following voted in favor of the
motion:
Mayor Tralle, Councilmembers Schuldt, Holmgren, AND Dietz
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA )
COUNTY OF SHERBURNE) ss.
CITY OF ELK RIVER )
I, the undersigned, being the duly qualified and acting
Clerk of the City of Elk River, Minnesota, do hereby certify
that I have carefully compared the attached and foregoing
extract of minutes of a regular meeting of the City Council of
said City held on Monday, July 6, 1992, with the original
thereof on file in my office and the same is a full, true, and
complete transcript thereof, insofar as the same relates to the
issuance and sale of $560,000 General Obligation Temporary
Improvement Bonds, Series 1992C of the City.
WITNESS my hand as such Clerk and the corporate seal of the
City this ~ day of July, 1992.
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