5.3 ERMUSR 03-09-2021UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
March 9, 2021 5.3
SUBJECT:
Bond Sale Resolution
ACTION REQUESTED:
Adopt, by motion, Resolution No. 21-2 providing for the competitive negotiated sale of
$14,460,000 Electric Revenue Bonds, Series 2021B, and request that the City Council approve
the issuance of the bonds and delegate to the Commission the authority to award the 2021B
Electric Bonds, per the attached resolution.
BACKGROUND:
To finance the expansion of the field services facility, we have been working with our financial
consultants, Baker Tilly Municipal Advisors, LLC., to bring the sale information to the
Commission.
DISCUSSION:
Baker Tilly has provided information on the 2021B bonding for $14.46 million.
Given the City of Elk River is the qualified entity to issue bonds, the resolution must be
approved by the City Council to be effective. Wehave the necessary resolutions for the Utility
Commission and City Council to act upon in order to authorize the sale of the bond issues.
Successful action from the Utility at the March 9, 2021 meeting would bring it before the City
Council on March 15, 2021 for action. The resolutions are attached for your review.
The award of the bonds by the Utility Commission would come back during the commission
meeting to be held on April13, at 3:30 p.m.
FINANCIAL IMPACT:
Bond payments will include interest and be due February 1and August 1 of 2022 until 2051.
ATTACHMENTS:
Baker TillyPre-Sale Summary for Issuance of Bonds 2021B Bonds
Resolution No. 21-2 Providingfor the Competitive Negotiated Sale of $14,460,000
Electric Revenue Bonds, Series 2021B
Resolution for City Setting Sale 2021B Bonds
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