89-058 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 City Hall in said City on Monday,
September 25, 1989, commencing at 7:00 p.m. .
The following members were present:
Mayor Jim Tralle, Councilmembers Gene Schuldt, Harold Dobel,
Duane Kropuenske, and Roger Holmgren
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and the following were absent:
None
The following resolution was presented by Councilmember
Kropuepske who moved its adoption:
RESOLUTION NO. 89-58
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $480,000 GENERAL OBLIGATION
FIRE EQUIPMENT BONDS, SERIES 1989A
BE IT RESOLVED by the City Council of the City of Elk
River, Sherburne County, Minnesota (City) as follows:
section 1. Findinqs.
1.01 This council has determined that it is advisable for
the city to purchase certain firefighting equipment.
springsted Incorporated (Springsted), fiscal consultants to the
City, have recommended that the City issue its general
obligation fire equipment bonds to finance the purchase of such
fire equipment.
1.02 springsted has recommended that the sale of fire
equipment bonds in the aggregate principal amount of Four
Hundred Eighty Thousand Dollars ($~80,000) be authorized.
1.03 It is necessary and desirable to the sound financial
management of the City that the City issue and sell its General
Obligation Fire Equipment Bonds, Series 1989A (the Bonds) to
finance the costs of the necessary fire equipment.
1.04 The issuance of the Bonds has been approved in an
election held February 14, 1989.
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Section 2. Sale of Bonds.
2.01 'The City shall issue and sell the Bonds pursuant to
Chapter 475 of the Minnesota Statutes. The authorized
principal amount of the Bonds shall be Four Hundred Eighty
Thousand Dollars ($480,000). The Bonds shall be issued and
sold in accordance with the terms stated in the Official Terms
of Offering, a copy of which, marked Exhibit A, is attached
hereto and made a part hereof.
2.02 The City Clerk is authorized and directed to
advertise the Bonds for sale in accordance with such Official
Terms of Offering and to cause an abbreviated notice of sale in
the form of Exhibit B, attachetl her€to and made a part hereof,
to be published in the manner required by law. The City
Council shall meet on Monday, October 23, 1989, at 7:00 p.m.,
for the purpose of considering sealed bids on the Bonds and
taking any other appropriate action.
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 Jim Tralle, Councilmembers Gene Schuldt, Roger Holmgren,
Duane Kropuenske, and Harold Dobel
and the following was voted against:
None
whereupon said resolution was declared duly passed and adopted.
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EXHIBIT B
NOTICE OF SALE
$480,000 General Obligation
Fire Equipment Bonds, Series 1989A
city of Elk River
Sherburne County, Minnesota
Sealed bids for these bonds will be opened by the City .
Administrator, or his designee, on Monday, October 23, 1989, at
11:00 a.m., at the offices of Springsted Incorporated, 85 East
Seventh Place, suite 100, Saint Paul, Minnesota, for
consideration and award by th~ Ci~y Council at 7:00 p.m. at the
Elk River City Library in Elk River, Minnesota. The bonds will
be fire equipment bonds and shall be general obligations
supported by the full faith and credit of the City. The bonds
will be dated November 1, 1989 and will mature on February 1 in
the years and amounts as follows:
Year Amount
1992 $35,000.00
1993 40,000.00
1994 40,000.00
. 1995 40,000.00
1996 45,000.00
1997 50,000.00
1998 50,000.00
1999 55,000.00
2000 60,000.00
2001 65,000.00
Bonds maturing on or after February 1, 1998, are subject to
prior redemption on February 1, 1997, and on any day thereafter,
at par plus accrued interest. Interest will be payable on
August 1, 1990, and semiannually thereafter. Minimum price, Four
Hundred Seventy-five Thousand Dollars ($475,000) plus accrued
interest. Bids shall specify interest rates for each maturity in
accord with the Official Terms of Offering. An approving legal
opinion will be furnished by Larkin, Hoffman, Daly & Lindgren,
Ltd., Minneapolis, Minnesota. The purpose of the Bonds is to
provide financing for the purchase of fire equipment.
The Official Terms of Offering to be published in the Official
Statement for the offering may contain additional bidding terms
and information relative to the issue. In the event of a variance
between the statements in this notlce and the Official Terms of
Offering, the provisions of the latter shall govern.
BY ORDER OF THE CITY COUNCIL
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Dated: September 25, 1988
/s/ Patrick D. Klaers
City Administrator
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STATE OF MINNESOTA )
COUNTY OF SHERBURNE ) SS
CITY OF ELK RIVER )
I, the undersigned, being the duly qualified and acting
Administrator 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, September 25, 1989, 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 $480,000 General
Obligation Fire Equipment Bonds, Series 1989A of the City.
WITNESS my hand as such City Clerk and the corporate seal
of the City this ~ r day of September, 1989.
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City Clerk
City of Elk River, Minnesota