85-046 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 , 1985, commencing at 7:30 p.m.
The following members were present:
Mayor Hinkle, Councilmembers Gunkel, Schuldt, Williams
and Engstrom
and the following were absent:
None
The following resolution was presented by Councilmember
who moved its adoption:
Gunkel
RESOLUTION NO. 85-46
RESOLUTION AMENDING EARLIER ADOPTED RESOLUTIONS
AUTHORIZING ISSUANCE OF $850,000 GENERAL OBLIGATION
TAX INCREMENT BONDS, SERIES 1985A AND $130,000 GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES 1985B
BE IT RESOLVED by the City Council of the City of Elk
River, Sherburne County, Minnesota (City) as follows:
Section 1. Preliminary Statement of Facts.
1.01 This Council, by its Resolution No. 85-39 adopted
August 12, 1985, awarded the sale of the City's $850,000
General Obligation Tax Increment Bonds, Series 1985A (the
Series 1985A Bonds), prescribed the form and details of the
Series 1985A Bonds and provided for their payment. By its
Resolution No. 85-40, also adopted on August 12, 1985, this
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council warded the sale of the City's $130,000 General
Obligation Tax Increment Bonds, Series 1985B (the Series 1985B
Bonds), prescribed the form and details of the Series 1985B
Bonds and provided for their payment.
1.02 Springsted Incorporated (Springsted), fiscal
consultants to the City, has advised that the interest rates
payable with respect to the Series 1985A Bonds and the Series
1985B Bonds can be substantially reduced by the purchase of
municipal bond guaranty insurance from the Municipal Bond
Insurance Association (MBIA) and by seeking a rating with
respect to the bonds from Moody's Investment Service, Inc.
(Moody's).
1.03 The Series 1985A Bonds and the Series 1985B Bonds are
to be issued under the provisions of ChaptBr 475 of the
Minnesota Statutes. Section 475.54, Subd. 1 of the Minnesota
Statutes imposes certain requirements regarding the serial
maturity of a bond issue. Under the provisions of Section
475.54, Subd. 2 of the Minnesota Statutes, however,
authorization is given for the governing body of an issuer of
bonds to specify that the serial maturities with respect to one
or more additional bonds issues may be taken into account in
determining whether such serial maturities requirements are
met.
Section 2. Authorization for Bond Insurance and Ratinq.
Pursuant to the recommendation of Springsted, the City
shall make application for and purchase municipal bond guaranty
insurance trom MBlA with respect to the Series 1985A Bonds and
the Series 1985B Bonds, and the City shall seek a rating with
respect to such Bonds from Moody's. The City Administrator and
the Mayor, or either of them, are hereby authorized to make
application on behalf of the City for such insurance and
ratings and to execute all applications, agreements, or other
instruments deemed advisable by either of them in order to
obtain such insurance and ratings.
Section 3. provision for Serial Maturities.
Pursuant to the provisions of Section 475.54, Subd. 2 of
the Minnesota Statutes, it is hereby determined that the serial
maturities, as authorized by Resolution Nos. 85-39 and 89-40
adopted by this Council on August 12, 1985, with respect to the
terms of payment of the Series 1985A Bonds and the Series 1985B
Bonds shall be combined for purposes of determining compliance
with the serial maturities requirements of Section 475.541
Subd. 1 of the Minnesota Statutes~
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STATE OF MINNESOTA )
COUNTY OF SHERBURNE) 5S
CITY OF ELK RIVER )
I, the undersigned, being the duly qualified and acting
City 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 Co ncil meeting of the
City Council of said City held on Mon~ay, September 16, 1985,
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 $850,000 General
Obligation Tax Increment Bonds, Series 1985A of the City and
$130,000 General obligation Tax Increment Bonds, Series 1985B
of the City.
WITNESS my hand as such City Clerk and the corporate seal
of the City this 16t~ay of september,' 1985.
City Clerk
City of Elk River, Minnesota
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