RES 20-93Extract 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, Minnesota, was duly held in the City Hall in said City on Monday, December 7,
2020, commencing at 6:30 P.M.
The following members were present: Mayor Dietz, Councilmembers Christianam,
Westgaard, Ovali, and Wagner
and the following were absent: none
The Mayor announced that the next order of business was consideration of the
proposals which had been received for the purchase of the City's General Obligation Capital
Improvement Plan Refunding Bonds, Series 2020B.
The City Finance Director presented a tabulation of the proposals that had been
received in the manner specified in the Terms of Proposal for the Bonds. The proposals were as
set forth in Exhibit A attached.
After due consideration of the proposals, Member
introduced the following resolution, and moved its adoption:
RESOLUTION NO.20- 93
Westgaard then
RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION
CAPITAL IMPROVEMENT PLAN REFUNDING BONDS, SERIES 2020B IN THE
ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $5,340,000; FIXING THEIR FORM
AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; PROVIDING
FOR THEIR PAYMENT; AND PROVIDING FOR THE REDEMPTION OF BONDS
REFUNDED THEREBY
Section 1. Background: Findings. It is hereby determined that:
(a) the City is authorized by the provisions of Minnesota Statutes, Chapter 475,
as amended (the "Act") and, particularly, Section 475.67 of the Act to issue and sell its
general obligation bonds to refund outstanding bonds when determined by the City Council
to be necessary and desirable;
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(b) pursuant to the Act, including particularly Minnesota Statutes, Section
475.521, the City has heretofore issued its (i) General Obligation Capital Improvement
PlanBonds, Series 2010A, in the original aggregate principal amount of $7,370,000, which
are dated April 21, 2010, (the "Series 2010A Refunded Bonds") to acquire the City's safety
facility and the City Hall facility from the Elk River Economic Development Authority,
Minnesota (the "EDA") by refunding certain outstanding obligations of the EDA (the
"2010A CIP Improvements"); and (ii) General Obligation Capital Improvement Plan
Bonds, Series 2012A, in the original aggregate principal amount of $6,975,000, which are
dated March 15, 2012, (the "Series 2012A Refunded Bonds" and, together with the Series
2010A Refunded Bonds, the "Refunded Bonds") to finance a public works facility
expansion and renovation (the "2012A CIP Improvements" and, together with the 2010A
CIP Improvements, the "CIP Improvements"); and
(c) the (i) 2010A Refunded Bonds are currently outstanding in the principal
amount of $1,985,000, of which $1,350,000 in principal amount is callable on or after
February 1, 2021; and (ii) 2012A Refunded Bonds are currently outstanding in the principal
amount of $4,840,000, of which $4,515,000 in principal amount is callable on or after
February 1, 2021, and
(d) it is necessary and desirable that the City issue its $5,340,000 General
Obligation Capital Improvement Plan Refunding Bonds, Series 2020B (the "Bonds") to
refund in advance of maturity and at their redemption date on February 1, 2021 the (i) 2022
and 2023 maturities of the 2010A Refunded Bonds; and (ii) 2022 to 2033 maturities of the
2012A Refunded Bonds; and
(e) the City is authorized by Section 475.60, subdivision 2(9), of the Act to
negotiate the sale of the Bonds because the City has retained Baker Tilly Municipal
Advisors, LLC as an independent municipal advisor in connection with such sale. The
actions of the City staff and the City's municipal advisor in negotiating the sale of the
Bonds are ratified and confirmed in all aspects.
Section 2. Sale of Bonds.
2.02. Award to the Purchaser and Interest Rates. The proposal of Robert W. Baird & Co.,
Incorporated, Milwaukee, Wisconsin (the "Purchaser") to purchase the Bonds is hereby found and
determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds
at a price of $5,905,183.53 (par amount of $5,340,000, plus a premium of $601,585.20 less
underwriter's discount of $36,401.67), plus accrued interest to date of delivery, if any, for Bonds
bearing interest as follows:
EL 185-66-684471.v2 2
u
Year of
Interest
Year of
Interest
Maturity
Rate
Maturi
Rate
2022
5.0%
2028
4.00%
2023
5.00
2029
4.00
2024
5.00
2030
1.00
2025
5.00
2031
1.00
2026
5.00
2032
1.00
2027
5.00
2033
1.10
2.03. Purchase Contract. Any amount paid by the Purchaser over the minimum purchase
price shall be credited to the Debt Service Fund hereinafter created, or deposited in the Refunding
Fund hereinafter created as determined by the City Finance Director upon consultation with the
City's municipal advisor. The Mayor and City Clerk are authorized to execute a contract with the
Purchaser on behalf of the City, if requested by the Purchaser.
2.04. Terms and Princir):ll Amounts of the Bonds. The City will forthwith issue and sell the
Bonds, pursuant to the Act in the total principal amount of $5,340,000, originally dated as of the date
of delivery, in fully registered form and issued in denominations of $5,000 each or any integral
multiple thereof, numbered No. R-1 and upward, bearing interest as above set forth, and maturing on
February 1 in the years and amounts as follows:
Year Amount
Year Amount
2022
$870,000
2028
$355,000
2023
940,000
2029
365,000
2024
295,000
2030
380,000
2025
305,000
2031
385,000
2026
320,000
2032
390,000
2027
340,000
2033
395,000
As may be requested by the Purchaser, one or more term Bonds may be issued having
mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal
repayment schedule, and corresponding additions may be made to the provisions of the applicable
Bond(s).
2.05. Optional Redemption. The City may elect on February 1, 2029, and on any day
thereafter to prepay Bonds maturing on or after February 1, 2030. Redemption may be in whole or
in part and if in part, at the option of the City and in such manner as the City will determine. If less
than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in Section
7 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by lot the
amount of each participant's interest in such maturity to be redeemed and each participant will then
select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be
at a price of par plus accrued interest.
EL185-66-684471.v2
Section 3. Form; Registration.
3.01. Registered Form. The Bonds will be issued only in fully registered form. The interest
thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft
issued by the Registrar described herein.
3.02. Dates: Interest Payment Dates. Each Bond will be dated as of the last interest payment
date preceding the date of authentication to which interest on the Bond has been paid or made
available for payment, unless (i) the date of authentication is an interest payment date to which interest
has been paid or made available for payment, in which case the Bond will be dated as of the date of
authentication, or (ii) the date of authentication is prior to the first interest payment date, in which
case the Bond will be dated as of the date of original issue. The interest on the Bonds is payable on
February 1 and August 1 of each year, commencing August 1, 2021, to the registered owners thereof
of record as of the close of business on the 15th day of the immediately preceding month, whether or
not that day is a business day.
3.03. Re istration. The City will appoint, and will maintain, a bond registrar, transfer agent,
authenticating agent and paying agent (the "Registrar"). The effect of registration and the rights and
duties of the City and the Registrar with respect thereto are as follows:
(a) Re Tip ster. The Registrar will keep at its principal corporate trust office a bond
register in which the Registrar provides for the registration of ownership of the Bonds and the
registration of transfers and exchanges of Bonds entitled to be registered, transferred or
exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by
the registered owner thereof or accompanied by a written instrument of transfer, in form
satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney
duly authorized by the registered owner in writing, the Registrar will authenticate and deliver,
in the name of the designated transferee or transferees, one or more new Bonds of a like
aggregate principal amount and maturity, as requested by the transferor. The Registrar may,
however, close the books for registration of any transfer after the 1 P day of the month
preceding each interest payment date and until that interest payment date.
(c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered
owner for exchange the Registrar will authenticate and deliver one or more new Bonds of a
like aggregate principal amount and maturity as requested by the registered owner or the
owner's attorney in writing.
(d) Cancellation. All Bonds surrendered upon any transfer or exchange will be
promptly cancelled by the Registrar and thereafter disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When a Bond is presented to the
Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is
satisfied that the endorsement on the Bond or separate instrument of transfer is valid and
genuine and that the requested transfer is legally authorized. The Registrar will incur no
EL 185-66-684471.v2 4
liability for the refusal, in good faith, to make transfers which it, in its judgment, deems
improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person in
whose name a Bond is at any time registered, as of the applicable record date, in the bond
register as the absolute owner of such Bond, whether the Bond is overdue or not, for the
purpose of receiving payment of, or on account of, the principal of and interest on the Bond
and for all other purposes, and payments so made to a registered owner or upon the owner's
order will be valid and effectual to satisfy and discharge the liability upon the Bond to the
extent of the sum or sums so paid.
(g) Taxes. Fees and Charges. The Registrar may impose a charge upon the owner
thereof for a transfer or exchange of Bonds, sufficient to reimburse the Registrar for any tax,
fee or other governmental charge required to be paid with respect to the transfer or exchange.
(h) Mutilated Lost. Stolen or Destroyed Bonds. If a Bond becomes mutilated or
is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number,
maturity date and tenor in exchange and substitution for and upon cancellation of the mutilated
Bond or in lieu of and in substitution for any such Bond destroyed, stolen or lost, upon the
payment of the reasonable expenses and charges ofthe Registrar in connection therewith; and,
in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of evidence
satisfactory to the Registrar that the Bond was destroyed, stolen or lost, and of the ownership
thereof, and upon furnishing to the Registrar an appropriate bond or indemnity in form,
substance and amount satisfactory to it and as provided by law, in which both the City and the
Registrar must be named as obligees. Bonds so surrendered to the Registrar will be cancelled
by the Registrar and evidence of such cancellation must be given to the City. If the mutilated,
destroyed, stolen or lost Bond has already matured or been called for redemption in
accordance with its terms it will not be necessary to issue a new Bond prior to payment.
(i) Redemption. In the event any of the Bonds are called for redemption,
written notice thereof identifying the Bonds to be redeemed will be given by the Registrar
by mailing a copy of the redemption notice by first class mail (postage prepaid) 30 days
prior to the date of redemption to the registered owner of each Bond to be redeemed at the
address shown on the registration books kept by the Registrar and by publishing the notice
if required by law. Failure to give notice by publication or by mail to any registered owner,
or any defect therein, will not affect the validity of the proceedings for the redemption of
Bonds. Bonds so called for redemption will cease to bear interest after the specified
redemption date, provided that the funds for the redemption are on deposit with the place
of payment at that time.
3.04. Appointment of Initial Registrar. The City appoints U.S. Bank National Association,
St. Paul, Minnesota, as the initial Registrar. The Mayor and the City Clerk are authorized to execute
and deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the
Registrar with another corporation, if the resulting corporation is a bank or trust company authorized
by law to conduct such business, the resulting corporation is authorized to act as successor Registrar.
The City agrees to pay the reasonable and customary charges of the Registrar for the services
EL185-66-684471.v2
performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the
appointment of a successor Registrar, in which event the predecessor Registrar must deliver all cash
and Bonds in its possession to the successor Registrar and deliver the bond register to the successor
Registrar. On or before each principal or interest due date, without further order of this Council, the
City Finance Director must transmit to the Registrar moneys sufficient for the payment of all principal
and interest then due.
3.05. Execution. Authentication and Delivery. The Bonds will be prepared under the
direction of the City Clerk and executed on behalf of the City by the signatures of the Mayor and the
City Clerk, provided that those signatures may be printed, engraved or lithographed facsimiles of the
originals. If an officer whose signature or a facsimile of whose signature appears on the Bonds ceases
to be such officer before the delivery of any Bond, that signature or facsimile will nevertheless be
valid and sufficient for all purposes, the same as if the officer had remained in office until delivery.
Notwithstanding such execution, a Bond will not be valid or obligatory for any purpose or entitled to
any security or benefit under this Resolution unless and until a certificate of authentication on a Bond
has been duly executed by the manual signature of an authorized representative of the Registrar.
Certificates of authentication on different Bonds need not be signed by the same representative. The
executed certificate of authentication on a Bond is conclusive evidence that it has been authenticated
and delivered under this Resolution. When the Bonds have been so prepared, executed and
authenticated, the City Finance Director will deliver the same to the Purchaser thereof upon payment
of the purchase price in accordance with the contract of sale heretofore made and executed, and the
Purchaser will not be obligated to see to the application of the purchase price.
3.06. Form of Bond. The Bonds will be printed or typewritten in substantially the form
set forth in Exhibit B attached hereto.
3.07. Approving Legal Opinion. The City Finance Director is authorized and directed to
obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis,
Minnesota, which will be complete except as to dating thereof and to cause the opinion to be printed
or accompany each Bond.
Section 4. Payment, Security, Pledges and Covenants.
4.01. Debt Service Fund. For the convenience and proper administration of the moneys to
be borrowed and repaid on the Bonds and to provide adequate and specific security for the Purchaser
and holders from time to time of the Bonds, there is hereby created a special fund to be designated
the "General Obligation Capital Improvement Plan Refunding Bonds, Series 2020B Debt Service
Fund" (the "Debt Service Fund") to be administered and maintained by the Finance Director as a
bookkeeping account separate and apart from all other funds maintained in the official financial
records of the City. The Debt Service Fund will be maintained in the manner herein specified until
all of the Bonds and the interest thereon will have been fully paid. There will be deposited from time
to time in the Debt Service Fund a sufficient amount to pay the principal of and interest on the Bonds
when due, and the Finance Director will report any current or anticipated deficiency in the Debt
Service Fund to the City Council. If a payment of principal or interest on the Bonds becomes due
when there is not sufficient money in the Debt Service Fund to pay the same, the City Finance Director
is directed to pay such principal or interest from other funds of the City, and such fund will be
ELl 85-66-684471.v2 6
reimbursed for those advances out of the proceeds of taxes when collected. There is appropriated to
the Debt Service Fund (i) any amounts paid by the Purchaser over the minimum purchase price, to
the extent designated for deposit in the Debt Service Fund in accordance with Section 2.03 hereof;
(ii) collections of all taxes hereafter levied for the payment of the Bonds and interest thereon; (iii) ad
valorem taxes collected for the payment of the Series 2010A Refunded Bonds pursuant to levies made
in the resolution authorizing the Series 2010A Refunded Bonds (the "2010A Resolution"), which
levies will not be cancelled except as permitted by Section 475.61, subdivision 3 of the Act; (iv) ad
valorem taxes collected for the payment of the Series 2012A Refunded Bonds pursuant to levies made
in the resolution authorizing the Series 2012A Refunded Bonds (the "2012A Resolution" and,
together with the 2010A Resolution, the "Prior Resolutions"), which levies will not be cancelled
except as permitted by Section 475.61, subdivision 3 of the Act; (v) all investment earnings on funds
in the Debt Service Fund; and (vi) any and all other moneys which are properly available and are
appropriated by the City Council to the Debt Service Fund. The amount of any surplus remaining in
the Refunding Fund when the Bonds and interest thereon are paid will be used as provided in Section
475.61, subdivision 4 of the Act.
4.02. Refunding Fund. The proceeds of the Bonds, less the appropriations made in
Section 4.01 hereof, will be deposited in a separate fund (the "Refunding Fund") in an amount
sufficient, together with other available funds applied to such purpose, to redeem the Series 2010A
Refunded Bonds and the Series 2012A Refunded Bonds on February 1, 2021 (the "Redemption
Date"). The Refunding Fund shall be terminated following the redemption of the Refunded Bonds.
Any balance remaining in the Refunding Fund after the redemption of the Refunded Bonds shall
be deposited in the Debt Service Fund herein created.
4.02 Prior Debt Service Funds. The debt service funds heretofore established for the
Refunded Bonds pursuant to the Prior Resolutions, shall be closed following the redemption of the
Refunded Bonds on the Redemption Date and all monies therein shall be transferred to the Debt
Service Fund, herein described.
4.03. Filing. The City Clerk is authorized and directed to file a certified copy of this
resolution with the County Auditor/Treasurer of Sherburne County and to obtain the certificate
required by Section 475.63 of the Act and the tax levy required by law has been made.
4.04 Prior Resolution Pledges. The pledges and covenants of the City made by the Prior
Resolutions relating to the ownership, protection of and other particulars governing the operation and
financial management of the improvements financed by the Bonds and the Refunded Bonds are
restated and confirmed in all respects. The provisions of the Prior Resolutions are hereby
supplemented to the extent necessary to give full effect to the provisions of this resolution.
4.05 Tax Levy; Coverage Test, Cancellation of Certain Tax Levies.
(a) For the purpose of paying the principal of and interest on the Bonds, there is hereby
levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City,
which will be spread upon the tax rolls and collected with and as part of other general taxes
of the City. Such tax will be credited to the Debt Service Fund above provided and will be in
the years and amounts set forth in EXHIBIT C attached hereto.
EL185-66-684471.v2 7
(b) The tax levies are such that if collected in full they will produce at least 5%
in excess of the amount needed to meet when due the principal and interest payments on
the Bonds. The tax levies shall be irrepealable so long as any of the Bonds are outstanding
and unpaid; provided that the City Finance Director may annually, at the time the City
makes its tax levies, certify to the County Auditor/Treasurer of Sherburne County,
Minnesota (the "County Auditor") the amount available in the Debt Service Fund to pay
principal and interest due during the ensuing year, and the County Auditor will thereupon
reduce the levy collectible during such year by the amount so certified in the manner and
to the extent permitted by Section 475.61, subdivision 3 of the Act.
(c) Upon payment in full of all outstanding principal of and interest on the
Refunded Bonds on February 1, 2021, the taxes levied pursuant to the Prior Resolutions
the City Clerk is hereby directed to certify such fact to and request the County Auditor to
cancel any and all tax levies made by the Prior Resolution for collection in 2021 and
thereafter.
Section 5. Refunding; Findings, Redemption of Refunded Bonds.
5.01. Reduction of Debt Service Cost. The Series 2010A Refunded Bonds will be called
for redemption on the Redemption Date in the amount of $1,350,000 and the Series 2012A
Refunded Bonds will be called for redemption on the Redemption Date in the amount of
$4,515,000. It is hereby found and determined that based upon information presently available
from the City's municipal advisor, the issuance of the Bonds is consistent with covenants made
with the holders thereof and is necessary and desirable for the reduction of debt service cost to the
City.
5.02. Coverage on the Refunded Bonds. It is hereby found and determined that the
proceeds of the Bonds, along with funds on hand at the City, will be sufficient to pay at maturity
or redemption all of the principal of and accrued interest on the Refunded Bonds.
5.03. Notice of Call for Redem tion. The Refunded Bonds maturing on February 1, 2022
and thereafter will be redeemed and prepaid on February 1, 2021 in accordance with their terms and
in accordance with the terms and conditions set forth in the forms of Notices of Call for Redemption
attached hereto as EXHIBITS D and EXHIBIT E which terms and conditions are hereby approved
and incorporated herein by reference. The Registrar for each of the Refunded Bonds is authorized
and directed to send a copy of the respective Notice of Redemption to each registered holder of the
Refunded Bonds.
Section 6. Authentication of Transcri t.
6.01. City Proceedings and Records. The officers of the City are authorized and hereby
directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified
copies of proceedings and records of the City relating to the Bonds and to the financial condition and
affairs of the City, and such other certificates, affidavits and transcripts as may be required to show
the facts within their knowledge or as shown by the books and records in their custody and under their
EL 185-66-684471.v2
control, relating to the validity and marketability of the Bonds, and such instruments, including any
heretofore furnished, may be deemed representations of the City as to the facts stated therein.
6.02. Certification as to Official Statement. The Mayor, City Clerk and Finance Director,
or any of them, are hereby authorized and directed to certify that they have examined the Official
Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to
the best of their knowledge and belief the Official Statement is, as of the date thereof, a complete and
accurate representation of the facts and representations made therein as of the date of the Official
Statement, as it relates to the City and the Bonds.
6.03. Other Certificates. The Mayor, City Clerk, and Finance Director, or any of them,
are hereby authorized and directed to furnish to the Purchaser at the closing such certificates as are
required as a condition of sale. Unless litigation shall have been commenced and be pending
questioning the Bonds or the organization of the City or incumbency of its officers, at the closing
the Mayor, City Clerk, and Finance Director, or any of them, shall also execute and deliver to the
Purchaser a suitable certificate as to absence of material litigation, and the Finance Director shall
also execute and deliver a certificate as to payment for and delivery of the Bonds.
6.04. Electronic Signatures. The electronic signature of the Mayor, City Clerk, and
Finance Director to this resolution and to any certificate authorized to be executed hereunder shall
be as valid as an original signature of such party and shall be effective to bind the City thereto.
For purposes hereof, (i) "electronic signature" means (a) a manually signed original signature that
is then transmitted by electronic means or (b) a signature obtained through DocuSign or Adobe or
a similarly digitally auditable signature gathering process; and (ii) "transmitted by electronic
means" means sent in the form of a facsimile or sent via the internet as a portable document format
("pdf ') or other replicating image attached to an electronic mail or internet message.
Section 7. Tax Covenants.
7.01. _Tax Exempt Bonds. The City covenants and agrees with the holders from time to time
of the Bonds that it will not take or permit to be taken by any of its officers, employees or agents any
action which would cause the interest on the Bonds to become subject to taxation under the Internal
Revenue Code of 1986, as amended (the "Code"), and the Treasury Regulations promulgated
thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees
or agents to take, all affirmative action within its power that may be necessary to ensure that such
interest will not become subject to taxation under the Code and applicable Treasury Regulations, as
presently existing or as hereafter amended and made applicable to the Bonds. To that end, the City
will comply with all requirements necessary under the Code to establish and maintain the exclusion
from gross income of the interest on the Bonds under Section 103 of the Code, including without
limitation requirements relating to temporary periods for investments and limitations on amounts
invested at a yield greater than the yield on the Bonds.
7.02. Rebate. The City will comply with requirements necessary under the Code to
establish and maintain the exclusion from gross income of the interest on the Bond under Section 103
of the Code, including without limitation requirements relating to temporary periods for investments,
IJlimitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess
EL185-66-684471.v2 9
investment earnings to the United States unless the Bonds qualify for an exception to the rebate
requirement under the Code and related Treasury Regulations.
7.03. Not Private Activity Bonds. The City further covenants not to use the proceeds of the
Bonds or to cause or permit the facilities financed by the Refunded Bonds or any of them to be used,
in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections
103 and 141 through 150 of the Code.
7.04. Qualified Tax -Exempt Obligations. In order to qualify the Bonds as "qualified tax-
exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City makes the
following factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code;
(b) the Refunded Bonds were previously designated as "qualified tax-exempt
obligations" for purposes of Section 265(b)(3) of the Code, the average maturity of the Bonds is
not longer than the average maturity of the Series 2012A Refunded Bonds or the Series 2010A
Refunded Bonds, and the Bonds mature not later than 30 years after the date of the Series 2012A
Refunded Bonds or the Series 2010A Refunded Bonds were issued and therefore the portion of
the Bonds which does not exceed the outstanding principal amount of the Refunded Bonds is
deemed designated as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the
Code;
(c) the City hereby designates the portion of the Bonds exceeding the $1,350,000
outstanding principal balance of the Series 2010A Refunded Bonds plus the $4,515,000
outstanding principal balance of the Series 2012A Refunded Bonds, collectively, as "qualified tax-
exempt obligations" for purposes of Section 265(b)(3) of the Code;
(d) the reasonably anticipated amount of tax-exempt obligations (other than private
activity bonds, that are not qualified 501(c)(3) bonds) which will be issued by the City (and all
subordinate entities of the City) during calendar year 2020 will not exceed $10,000,000; and
(e) not more than $10,000,000 of obligations issued by the City during calendar year
2020 have been designated for purposes of Section 265(b)(3) of the Code; and
(f) the aggregate face amount of the issue of the Bonds is not greater than $10,000,000.
7.05 Procedural Requirements. The City will use its best efforts to comply with any federal
procedural requirements which may apply in order to effectuate the designations made by this section.
EL185-66-684471.v2 10
Section 8. Book -Entry System: Limited Obligation of City.
8.01. DTC. The Bonds will be initially issued in the form of a separate single typewritten
or printed fully registered Bond for each of the maturities set forth in Section 1.03 hereof. Upon initial
issuance, the ownership of each Bond will be registered in the registration books kept by the Registrar
in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York,
and its successors and assigns ("DTC"). Except as provided in this section, all of the outstanding
Bonds will be registered in the registration books kept by the Registrar in the name of Cede & Co., as
nominee of DTC.
8.02. Participants. With respect to Bonds registered in the registration books kept by the
Registrar in the name of Cede & Co., as nominee of DTC, the City, the Registrar and the Paying
Agent will have no responsibility or obligation to any broker dealers, banks and other financial
institutions from time to time for which DTC holds Bonds as securities depository (the "Participants")
or to any other person on behalf of which a Participant holds an interest in the Bonds, including but
not limited to any responsibility or obligation with respect to (i) the accuracy of the records of DTC,
Cede & Co. or any Participant with respect to any ownership interest in the Bonds, (ii) the delivery to
any Participant or any other person (other than a registered owner of Bonds, as shown by the
registration books kept by the Registrar), of any notice with respect to the Bonds, including any notice
of redemption, or (iii) the payment to any Participant or any other person, other than a registered
owner of Bonds, of any amount with respect to principal of, premium, if any, or interest on the Bonds.
The City, the Registrar and the Paying Agent may treat and consider the person in whose name each
Bond is registered in the registration books kept by the Registrar as the holder and absolute owner of
such Bond for the purpose of payment of principal, premium and interest with respect to such Bond,
for the purpose of registering transfers with respect to such Bonds, and for all other purposes. The
Paying Agent will pay all principal of, premium, if any, and interest on the Bonds only to or on the
order of the respective registered owners, as shown in the registration books kept by the Registrar,
and all such payments will be valid and effectual to fully satisfy and discharge the City's obligations
with respect to payment of principal of, premium, if any, or interest on the Bonds to the extent of the
sum or sums so paid. No person other than a registered owner of Bonds, as shown in the registration
books kept by the Registrar, will receive a certificated Bond evidencing the obligation of this
resolution. Upon delivery by DTC to the City Finance Director of a written notice to the effect that
DTC has determined to substitute a new nominee in place of Cede & Co., the words "Cede & Co.,"
will refer to such new nominee of DTC; and upon receipt of such a notice, the City Clerk will promptly
deliver a copy of the same to the Registrar and Paying Agent.
8.03. Representation Letter. The City has heretofore executed and delivered to DTC a
Blanket Issuer Letter of Representations (the "Representation Letter") which will govern payment of
principal of, premium, if any, and interest on the Bonds and notices with respect to the Bonds. Any
Paying Agent or Registrar subsequently appointed by the City with respect to the Bonds will agree to
take all action necessary for all representations of the City in the Representation Letter with respect
to the Registrar and Paying Agent, respectively, to be complied with at all times.
8.04. Transfers Outside Book -Entry Sv stem. In the event the City, by resolution of the City
Council, determines that it is in the best interests of the persons having beneficial interests, in the
Bonds that they be able to obtain Bond certificates, the City will notify DTC, whereupon DTC will
EL 185-66-684471.v2 I I
notify the Participants, of the availability through DTC of Bond certificates. In such event the City
will issue, transfer and exchange Bond certificates as requested by DTC and any other registered
owners in accordance with the provisions of this Resolution. DTC may determine to discontinue
providing its services with respect to the Bonds at any time by giving notice to the City and
discharging its responsibilities with respect thereto under applicable law. In such event, if no
successor securities depository is appointed, the City will issue and the Registrar will authenticate
Bond certificates in accordance with this resolution and the provisions hereof will apply to the
transfer, exchange and method of payment thereof.
8.05. Payments to Cede & Co. Notwithstanding any other provision of this Resolution to
the contrary, so long as a Bond is registered in the name of Cede & Co., as nominee of DTC, payments
with respect to principal of, premium, if any, and interest on the Bond and all notices with respect to
the Bond will be made and given, respectively in the manner provided in DTC's Operational
Arrangements, as set forth in the Representation Letter.
Section 9. Continuing Disclosure.
9.01. Cite Compliance with Provisions of Continuing Disclosure Certificate. The City
hereby covenants and agrees that it will comply with and carry out all of the provisions of the
Continuing Disclosure Certificate. Notwithstanding any other provision of this Resolution, failure
of the City to comply with the Continuing Disclosure Certificate is not to be considered an event
of default with respect to the Bonds; however, any Bondholder may take such actions as may be
necessary and appropriate, including seeking mandate or specific performance by court order, to
cause the City to comply with its obligations under this section.
9.02. Execution of Continuing Disclosure Certificate. "Continuing Disclosure
Certificate" means that certain Continuing Disclosure Certificate hereby authorized to be executed
by the Mayor and City Clerk and dated the date of issuance and delivery of the Bonds, as originally
executed and as it may be amended from time to time in accordance with the terms thereof.
Section 10. Defeasance. When the Bonds and all accrued interest thereon, have been
discharged as provided in this section, all pledges, covenants and other rights granted by this
resolution to the holders of the Bonds will cease, except that the pledge of the full faith and credit of
the City for the prompt and full payment of the principal of and interest on the Bonds will remain in
full force and effect. The City may discharge the Bonds which are due on any date by depositing with
the Registrar on or before that date a sum sufficient for the payment thereof in full or by depositing
irrevocably in escrow, with a suitable institution qualified by law as an escrow agent for this purpose,
cash or securities which are backed by the full faith and credit of the United States of America, or any
other security authorized under Minnesota law for such purpose, bearing interest payable at such times
and at such rates and maturing on such dates and in such amounts as shall be required and sufficient,
subject to sale and/or reinvestment in like securities, to pay said obligation(s), which may include any
interest payment on such Bond and/or principal amount due thereon at a stated maturity (or if
irrevocable provision shall have been made for permitted prior redemption of such principal amount,
at such earlier redemption date). If any Bond should not be paid when due, it may nevertheless be
discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with
interest accrued to the date of such deposit.
EL 185-66-684471.v2 12
The motion for the adoption of the foregoing resolution was duly seconded by Member
Wagner _ , and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same: none
Whereupon the resolution was declared duly passed and adopted this 7th day of December, 2020.
By
Its ayor
EL 185-66-684471.v2 13
STATE OF MINNESOTA )
COUNTY OF SHERBURNE) SS.
CITY OF ELK RIVER )
I, the undersigned, being the duly qualified and acting Deputy City Clerk of the City of Elk
River, Minnesota (the "City"), do hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the City Council of the City held on December
7, 2020, with the original minutes on file in my office and the extract is a full, true and correct
copy of the minutes insofar as they relate to the issuance and sale of the City's General Obligation
Capital Improvement Plan Refunding Bonds, Series 2020B, in the original aggregate principal
amount of $5,340,000.
WITNESS My hand officially as such Deputy City Clerk and the corporate seal of the City
this 7th day of December, 2020.
De tyf ity Clerk
City -6T Elk River,
EL185-66-684471.v2 14
U
EXHIBIT A
PROPOSALS
'S talmrtiuy
KUAIOPAL 41NISCHS
SF,970,AW
City of Elk hirer, $fumesota
Geaersl 01;ligatiou Capital Improvement Plan MhudGng Bonds, Series 2020B
S&PR&HW AA&
Sale Date_ Derembar4, 2M BBL' 2-13%
Aserage3 mkwK+y_ 5.522Years
Go-- —.TL
R,obw W_ Baird & Co_, IacoTmmmd 0-7932%
FIW Finamtial Capital hfm&M 0-9161%
ihmtedBaul EWBank 0.8234%
Rspmond James & A%odmm, hx. 0.8341%
Nmdbad Se¢uddes, Inc 0.8379%
The Baker inomp 0.8439%
pipes Sander & Co- 0.9041%
Ir=9w9mn Sercal ties, L-- 0.9133%
A Rid�6lsr%Tnransatiem
bT9tsaits
htterest
Rabe
ReofFerim
Vida
Rendering
Price
annisw
RABE1tT W- BAIitD & Ct).,
2i0IP1022
5.009ii
020%
105.212%
EkT-MR1t17RATBD
2MI12023
5 o09ii
022%
109.956%
CI._Sing& Aswdales,htc
2AO1i2024
5.00 s
0.23%
114AMi
Colbets Se=ities LLC
2J01OW
5 00%
027%
I192201
Viming spmks IBG, LP
2MI,2026
5_00%
0.31%
123.66ISS
EdwerdJones
2o01f2027
5-00%
0.40°fo
127.642%
Fidelity Capbsi Mmiels
20112029
4: OSS
0.52%
I24.IU%
Crews & Alsmcime% htc
DGMi2029
4.00%
0.65%
1253559,E
Dnmpmt & Company LLC
210I12030
L00%
0.8056
101.563%
D®cmi-Vrdh ms, Tnr-
2+010031
L00%
0.90S
100.77851
Loop Capita! Madkami LLC
M112032
1.00%
1.00%
100.00095
Com icy Ckb Bank
2i0ITd033
1.10%
1.10%
104.000°"}5
Omm"imer & Co.1uc.
SmnRidga psrn-s, LLC
Siena itadGc Secu de% LLC
Puch**Price: $6,613,75SAo'
ism& Band bnvsmtmts
Net Interest Cost $276,53656'
Wnermst hwestauemits, LLC
nQ 0.74320,,6`
FIM Bomids, Inc.
Fitst iSm=ky SeC3Mties Cmepeaatima
BNY 1W am Capital b adcet% LLC
Midland Secures Limited
mwd-Bamk Securities, Inc.
post scud em Seamties, LLC
Dbossmr SPrm^rim, LLC
FitstBemkeW Bz=Secnifieslac_
�.4�5seyreenrm�geaW�e�epyr�omederxaced'lo-%f.31A�'1flA�d'a9ep�xvMCeRrsrmumricr6rbaerxnrmr�wecAm.�gcafn
EA9AA 18�S.II i1+hf..f118Q aadLt896Tf6, xspe�MJAr1jr•
aa6aTmY Meftal AdAl2aM LLC es a moskmd MLINCOM MWbw mad ea6tmr dsLWdmy cEBWw Tay US, UP. as acmwMV aim 6atvTmr
Ula,.lrP, teAgp xa BaEaT6ry, [a s r�mhvtdtl2 pcEd natmwk of 9aiv ia1r:Y6et76 nd Lffi. arc eaaa6es c 1 mtdM me scparaL- mdCSCepeMet!
fq� ertHes.4 2@n BaterT�r IBrnls�sl Addso6s, g�
Fags 112
A-1
EL185-66-684471.v2
0" bakeertilly
WiNflM Affilmes
CRY ofRivet' Nwes"
G--d OW%xfi- Capitd E •ami PI-Rd>uftg Baas, Svies MM (c -mo
Mavmn&Ei& Sect LW
stameX Finaadal Jr.
UMB Barak, NA.
O&ff BM&n a" SvadiSah
FM4 FINANCIAL CAP M M =TS
(No Syndicde Members)
IpI+IITEt7 BAIMM' BANS
(No SyndicmMembers)
RAYMMW JAMEB & ASSOMMS, INC.
Wo Symfficm M-ibe)
NORTBfAfiID SECURE17BS, INC_
DJL DrAdwn & Co_
THE BALM GROUP
MiMepw Setudaes LA
PIPER SANDLER & CO.
Can=f'hzFerau do Co_
H[lTi` ;GTON SEC43MM, I dC.
(No Syn&cm Members)
P a a 212
A-2
EL185-66-684471.v2
EXHIBIT B
FORM OF BOND
No. R- UNITED STATES OF AMERICA $
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BOND,
SERIES 2020B
Date of
Rate Maturity Date Original Issue CUSIP
February 1, 20_ December 29, 2020 287407
Registered Owner: Cede & Co.
The City of Elk River, Minnesota, a duly organized and existing municipal corporation in
Sherburne County, Minnesota (the "City"), acknowledges itself to be indebted and for value received
hereby promises to pay to the Registered Owner specified above or registered assigns, the principal
sum set forth above on the Maturity Date specified above, unless called for earlier redemption, with
interest thereon from the date hereof at the annual Rate specified above (calculated on the basis of a
360-day year of twelve 30 day months), payable February 1 and August 1 in each year, commencing
August 1, 2021, to the person in whose name this Bond is registered at the close of business on the
15th day (whether or not a business day) of the immediately preceding month. The interest hereon
and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the
United States of America by check or draft by U.S. Bank National Association, St. Paul, Minnesota,
as Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor
under the Resolution described herein. For the prompt and full payment of such principal and interest
as the same respectively become due, the full faith and credit and taxing powers of the City have been
and are hereby irrevocably pledged.
The City may elect on February 1, 2029, and on any day thereafter to prepay Bonds due on
or after February 1, 2030. Redemption may be in whole or in part and if in part, at the option of
the City and in such manner as the City will determine. If less than all Bonds of a maturity are
called for redemption, the City will notify The Depository Trust Company ("DTC") of the
particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each
participant's interest in such maturity to be redeemed and each participant will then select by lot
the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price
of par plus accrued interest.
The City Council has designated the Bonds of which this Bond forms a part as "qualified
r tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of
B-1
EL185-66-684471.v2
1986, as amended (the "Code") relating to disallowance of interest expense for financial
institutions and within the $10 million limit allowed by the Code for the calendar year of issue.
This Bond is one of an issue in the aggregate principal amount of $5,340,000 all of like
original issue date and tenor, except as to number, maturity date, interest rate, denomination and
redemption privilege, all issued pursuant to a resolution adopted by the City Council on December
7, 2020 (the "Resolution"), for the purpose of refunding the outstanding principal amount of
certain general obligation bonds of the City, pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 475, as
amended, specifically Section 475.67, subdivision 3. The principal hereof and the interest hereon
are payable from ad valorem taxes levied on all taxable property in the City, all as set forth in the
Resolution to which reference is made for a full statement of rights and powers thereby conferred.
The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City
Council has obligated itself to levy additional ad valorem taxes on all taxable property in the City
in the event of any deficiency in ad valorem taxes pledged, which taxes may be levied without
limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds
in denominations of $5,000 or any integral multiple thereof of single maturities.
As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
transferable upon the books of the City at the principal office of the Registrar, by the registered owner
hereof in person or by the owner's attorney duly authorized in writing, upon surrender hereof together
with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered
owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized
denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued
in the name of the transferee or registered owner, of the same aggregate principal amount, bearing
interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or
governmental charge required to be paid with respect to such transfer or exchange.
The City and the Registrar may deem and treat the person in whose name this Bond is
registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the City nor the Registrar will be affected
by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota to be done, to
exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make
it a valid and binding general obligation of the City in accordance with its terms, have been done, do
exist, have happened and have been performed as so required, and that the issuance of this Bond does
not cause the indebtedness of the City to exceed any constitutional or statutory limitation of
indebtedness.
This Bond is not valid or obligatory for any purpose or entitled to any security or benefit under
the Resolution until the Certificate of Authentication hereon has been executed by the Registrar by
manual signature of one of its authorized representatives.
B-2
EL 185-66-684471.v2
IN WITNESS WHEREOF, the City of Elk River, Minnesota, by its City Council, has
caused this Bond to be executed on its behalf by the facsimile or manual signatures of the Mayor
and City Clerk and has caused this Bond to be dated as of the date set forth below.
Dated: December 7, 2020
(Facsimile)
Mayor
CITY OF ELK RIVER, MINNESOTA
City Clerk
CERTIFICATE OF AUTHENTICATION
imile
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
U.S. BANK NATIONAL ASSOCIATION
Authorized Representative
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this Bond, will be
construed as though they were written out in full according to applicable laws or regulations:
TEN COM -- as tenants in common
TEN ENT -- as tenants by entireties
JT TEN -- as joint tenants with right of
survivorship and not as tenants in common
UNIF GIFT MIN ACT
Custodian
(Cust) (Minor)
under Uniform Gifts or Transfers to
Minors Act, State of
Additional abbreviations may also be used though not in the above list.
B-3
EL185-66-684471.v2
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and all rights thereunder, and
does hereby irrevocably constitute and appoint attorney to transfer
the said Bond on the books kept for registration of the within Bond, with full power of substitution
in the premises.
Dated:
Notice: The assignor's signature to this assignment must correspond with the name
as it appears upon the face of the within Bond in every particular, without
alteration or any change whatever.
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed by a financial institution that is a member of the
Securities Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion
Program ("SEMP"), the New York Stock Exchange, Inc. Medallion Signatures Program ("MSP")
or other such "signature guarantee program" as may be determined by the Registrar in addition to,
or in substitution for, STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act
of 1934, as amended.
The Registrar will not effect transfer of this Bond unless the information concerning the
assignee requested below is provided.
Name and Address:
(Include
information for all joint owners if this Bond is held
by joint account.)
Please insert social security or other
identifying number of assignee
EL185-66-684471.v2
PROVISIONS AS TO REGISTRATION
The ownership of the principal of and interest on the within Bond has been registered on the
books of the Registrar in the name of the person last noted below.
Date of Reryistration Registered Owner Signature of Registrar
Cede & Co.
2020 Federal ID #13-2555119
B-5
EL185-66-684471.v2
EXHIBIT C
TAX LEVY
Post -Sale Tax Levies
Payment
Date
Principal
Coupon
Interest
Total P+1
105%
Ova rievy
Levy
Amount
Levy/Collect
Year
02/01/2022
870,000.00
5,000%
215,812.33
1,085,812.33
1,140,102.95
1,140,102.95
2020/2021
02/01/2023
940,000.00
5.000%
154,695.00
1,094,695.00
1,149,429.75
1,149,429.75
2021/2022
02/01/2024
295,000.00
5.000%
107,695.00
402,695.00
422,829.75
422,829.75
2022/2023
02/01/2025
305,000.00
5.000%
92,945.00
397,945.00
417,842.25
417,842.25
2023/2024
02/01/2026
320,000.00
5.000%
77,695.00
397,695.00
417,579.75
417,579.75
2024/2025
02/01/2027
340,000.00
5.000%
61,695.00
401,695.00
421,779.75
421,779.75
2025/2026
02/01/2028
355,000.00
4.000%
44,695.00
399,695.00
419,679.75
419,679.75
2026/2027
02/01/2029
365,000.00
4.000%
30,495.00
395,495.00
415,269.75
415,269.75
2027/2028
02/01/2030
380,000.00
1.000%
15,895.00
395,895.00
415,689.75
415,689.75
2028/2029
02/01/2031
385,000.00
1.000%
12,095.00
397,095.00
416,949.75
416,949.75
2029/2030
02/01/2032
390,000.00
1.000%
8,245.00
398,245.00
418,157.25
418,157.25
2030/2031
02/01/2033
395,000.00
1.100%
4,345.00
399,345.00
419,312.25
419,312.25
2031/2032
Total
$5,340,000,00
-
$826,307.33
$6,166,307.33
$6,474,622.70
$6,474,622.70
C-1
EL185-66-684471.v2
EXHIBIT D
NOTICE OF CALL FOR REDEMPTION
$7,370,000
GENERAL OBLIGATION CAPITAL IMPROVEMENT
PLAN BONDS, SERIES 2010A
CITY OF ELK RIVER
SHERBURNE COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Elk River,
Sherburne County, Minnesota, there have been called for redemption and prepayment on
FEBRUARY 1, 2021
all outstanding bonds of the City designated as General Obligation Capital Improvement Plan
Bonds, Series 2010A, dated as of April 21, 2010, having stated maturity dates of February 1 in the
years 2022 and 2023, totaling $1,350,000 in principal amount, and with the following CUSIP
numbers:
Year of Maturity Amount CUSIP
2022 $660,000 287407 T67
2023 690,000 287407 T75
The Bonds are being called at a price of par plus accrued interest to February 1, 2021, on
which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for
redemption are requested to present their bonds for payment at the office of U.S. Bank National
Association, in the City of St. Paul, Minnesota, on or before February 1, 2021, at the following
address:
If by mail:
U.S. Bank National Association
Corporate Trust Operations, 3rd Floor
P.O. Box 64111
St. Paul, MN 55164-0111
If by hand or overnight:
U.S. Bank National Association
60 Livingston Avenue
EP-MN-WS3C
Bond Drop Window, I' Floor
St. Paul, MN 55107
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation
Act of 2003, the City is required to withhold a specified percentage of the principal amount of the
redemption price payable to the holder of any Bonds subject to redemption and prepayment on the
Redemption Date, unless the City is provided with the Social Security Number or Federal
Employer Identification Number of the holder, properly certified. Submission of a fully executed
Request for Taxpayer Identification Number and Certification, Form W-9, will satisfy the
requirements of this paragraph.
D-1
EL 185-66-684471.v2
The Registrar will not be responsible for the selection or use of the CUSIP number, nor is
any representation made as to the correctness indicated in the Redemption Notice or on any Bond.
It is included solely for convenience of the Holders.
Additional information may be obtained from:
U.S. Bank National Association
Corporate Trust Division
Bondholder Services (800) 525-8574
Dated: December 7, 2020.
BY ORDER OF THE CITY COUNCIL
D-2
EL 185-66-684471.v2
X
EXHIBIT E
NOTICE OF CALL FOR REDEMPTION
$6,975,000
GENERAL OBLIGATION CAPITAL IMPROVEMENT
PLAN BONDS, SERIES 2012A
CITY OF ELK RIVER
SHERBURNE COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Elk River,
Sherburne County, Minnesota, there have been called for redemption and prepayment on
FEBRUARY 1, 2021
all outstanding bonds of the City designated as General Obligation Capital Improvement Plan
Bonds, Series 2012A, dated as of March 15, 2012, having stated maturity dates of February 1 in
the years 2022 through 2033, both inclusive, totaling $4,515,000 in principal amount, and with the
following CUSIP numbers:
Year of Maturity
Amount
CUSIP
2022
$335,000
287407 U81
2023
340,000
287407 U99
2024
350,000
287407 V23
2025
355,000
287407 V31
2026
360,000
287407 V49
2027
370,000
287407 V56
2028
380,000
287407 V64
2029
385,000
287407 V72
2030
395,000
287407 V80
2031
405,000
287407 V98
2032
415,000
287407 W22
2033
425,000
287407 W30
The Bonds are being called at a price of par plus accrued interest to February 1, 2021, on
which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for
redemption are requested to present their bonds for payment at the office of U.S. Bank National
Association, in the City of St. Paul, Minnesota, on or before February 1, 2021, at the following
address:
If by mail:
U.S. Bank National Association
Corporate Trust Operations, Yd Floor
P.O. Box 64111
St. Paul, MN 55164-0111
EL185-66-684471.v2
If b\ hand or overnight:
U.S. Bank National Association
60 Livingston Avenue
EP-MN-WS3C
Bond Drop Window, lst Floor
St. Paul, MN 55107
E-1
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation
Act of 2003, the City is required to withhold a specified percentage of the principal amount of the
redemption price payable to the holder of any Bonds subject to redemption and prepayment on the
Redemption Date, unless the City is provided with the Social Security Number or Federal
Employer Identification Number of the holder, properly certified. Submission of a fully executed
Request for Taxpayer Identification Number and Certification, Form W-9, will satisfy the
requirements of this paragraph.
The Registrar will not be responsible for the selection or use of the CUSIP number, nor is
any representation made as to the correctness indicated in the Redemption Notice or on any Bond.
It is included solely for convenience of the Holders.
Additional information may be obtained from:
Dated: December 7, 2020.
U.S. Bank National Association
Corporate Trust Division
Bondholder Services (800) 525-8574
BY ORDER OF THE CITY COUNCIL
EL 185-66-684471 A E-1
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CERTIFICATE OF COUNTY
AUDITOR/TREASURER
AS TO TAX LEVY
AND REGISTRATION
I, the undersigned County Auditor/Treasurer of Sherburne County, Minnesota, hereby certify
that a certified copy of a resolution adopted by the governing body of the City of Elk River, Minnesota
(the "City"), on December 7, 2020, levying taxes for the payment of the City's $5,340,000 General
Obligation Capital Improvement Plan Refunding Bonds, Series 2020B dated December 29, 2020, has
been filed in my office and said bonds have been entered on the register of obligations in my office
and that such tax has been levied as required by law.
I further certify that the tax levies for the City's General Obligation Capital Improvement Plan
Bonds, Series 2010A and the General Obligation Capital Improvement Plan Bonds, Series 2012A
will be canceled to the extent set forth in the resolution.
WITNESS My hand and official seal this
day of , 2020.
COUNTY AUDITOR/TREASURER
SHERBURNE COUNTY, MINNESOTA
Its:
EL 185-66-684471.v2 E-1