5.3 ERMUSR 04-13-2021UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
April13, 2021 5.3
SUBJECT:
Bond Sale Resolution
ACTION REQUESTED:
Adopt, by motion, Resolution No. 21-9 providing for the competitive negotiated sale of
$1,750,000 General Obligation Water Utility Revenue Bonds, Series 2021C, and request that the
City Council approve the issuance of the bonds and delegate to the Commission the authority
to award the 2021C Water 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 Tillyhas provided information on the 2021C bonding for $1.75million.
Given the City of Elk River is the qualified entity to issue bonds, the resolution must be
approved by both the Utility Commission and the City Council for the bond sale to proceed.
The necessary resolutions for the Utility Commission to act upon in order to authorize the sale
of thebond issue are attached for your review. Successful action from the Utility at the April13,
2021 meeting would bring it before the City Council on April 19, 2021 for action.
The award of the bonds by the Utility Commission would come back during the commission
meeting to be held on May 11, at 3:30 p.m.
FINANCIAL IMPACT:
Bond payments will include interest and be due February 1and August 1 of 2022until 2041.
ATTACHMENTS:
Baker Tilly Pre-Sale Summary for Issuance of Bonds 2021C Bonds
Resolution No. 21-9 Providing for the Competitive Negotiated Sale of $1,750,000
General Obligation Water Utility Revenue Bonds, Series 2021C
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