RES 21-32Extract 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, April 19, 2021,
commencing at 6:00 P.M.
The following members were present: Mayor Dietz, Councilmembers Christianson,
Westgaard, Beyer, 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 approximately $4,805,000 General
Obligation Capital Improvement Plan and Equipment Bonds, Series 2021A.
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 Wagner then introduced the following
resolution, and moved its adoption:
EL185-65-708496.v2
RESOLUTION NO.21-33
A RESOLUTION AWARDING THE SALE OF $4,805,000
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN AND
EQUIPMENT BONDS, SERIES 2021A
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT.
BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County,
Minnesota (the "City") in regular meeting assembled as follows:
Section 1. Back ound.
1.01 Pursuant to Minnesota Statutes, Chapter 475, including without limitation, section
475.521 (the "CIP Act"), the City is authorized to finance certain capital improvements under an
approved capital improvement plan by the issuance of general obligation bonds of the City payable
from ad valorem taxes. Capital improvements include acquisition or betterment of public lands,
buildings or other improvements for the purpose of a city hall, library, public safety facility and
public works facilities (excluding light rail transit or any activity related to it, or a park, road,
bridge, administrative building other than a city hall, or land for any of those activities).
1.02 The City held a public hearing on November 2, 2020, regarding a five-year capital
improvement plan for the years 2020 — 2025 (the "Plan") and regarding issuance of bonds in one
or more series an aggregate principal amount not to exceed $17,500,000 to finance planned capital
improvements, all in accordance with the CIP Act. The Plan authorizes issuance of bonds to pay
the cost of certain capital improvements identified in the capital improvement plan including,
without limitation, capital improvements related to the City's Public Safety Building and the City's
fire station #3, (the "CIP Improvements").
1.03 The City Council has determined that, within 30 days after the hearing, no petition
for a referendum on the issuance of bonds to pay costs of the CIP Improvements was received by
the City in accordance with the CIP Act.
1.04 As required by the Act, the City has determined that:
(i) the expected useful life of the CIP Improvements will be at least 5 years;
and
(ii) the amount of principal and interest due in any year on all outstanding bonds
issued by the City under the Act, including the Bonds (as defined below), will not
exceed 0.16% of the estimated market value of property in the City for taxes
payable in 2021.
1.05 The City is authorized by Minnesota Statutes, Section 412.301 (the "Equipment
Act") to finance the acquisition of items of fire trucks and other capital equipment, (the
"Equipment"), subject to certain limitations contained in the Equipment Act.
2
EL185-65-708496.v2
1.06 As required by the Equipment Act, (i) the expected useful life of each item of
Equipment is or will be at least as long as the term of the of the Equipment Certificates (as defined
below); and (ii) the principal amount of the Equipment Certificates will not exceed 0.25% of the
estimated market value of taxable property in the City for taxes payable in 2021, which is the
market value as last finally equalized.
1.07 The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to
negotiate the sale of the Bonds, it being determined that the City has retained 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.
2.01 Authorization. It is hereby determined that it is necessary to provide financing for
the CIP Improvements and the Equipment and to finance those capital expenditures through the
issuance of the City's $4,805,000 General Obligation Capital Improvement Plan and Equipment
Bonds, Series 2021A (the "Bonds").
2.02. Acccptance of Offer. The proposal of Piper Sandler & Co., Minneapolis,
Minnesota (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
$5,201,366.93 ($4,805,000.00 par amount, plus original issue premium of $428,884.60, less
underwriter's discount of $32,517.67), for Bonds bearing interest as follows:
Year
Interest Rate Year Interest Rate
2023
5.00%
2031
3.00%
2024
5.00
2033*
1.35
2025
5.00
2035*
1.50
2026
4.00
2037*
2.00
2027
4.00
2039*
2.00
2028
3.00
2041 *
2.00
2029
3.00
2042
2.00
2030
3.00
*Term Bond
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 accounts in
the Project Fund hereinafter created, as determined by the City Finance Director after consultation
with the City's municipal advisor. The City Finance Director is directed to retain the good faith
check of the Purchaser, pending completion of the sale of the Bonds. 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 Principal Amounts of the Bonds. The City will forthwith issue and sell
the Bonds pursuant to the C1P Act and the Equipment Act (collectively, the "Act"), in the total
EL185-65-708496.v2
principal amount of $4,805,000, 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
2023
$235,000
2031
$325,000
2024
245,000
2033*
380,000
2025
260,000
2035*
395,000
2026
275,000
2037*
405,000
2027
280,000
2039*
425,000
2028
295,000
2041 *
440,000
2029
305,000
2042
225,000
2030
315,000
*Term Bonds
$3,720,000 of the Bonds (the "CIP Bonds") maturing in the amounts and on the dates set forth
below are being issued to finance the cost of the CIP Improvements:
Year
Amount
Year
Amount
2023
$135,000
2033
$190,000
2024
140,000
2034
195,000
2025
150,000
2035
200,000
2026
155,000
3036
200,000
2027
160,000
2037
205,000
2028
170,000
2038
210,000
2029
175,000
2039
215,000
2030
180,000
2040
220,000
2031
185,000
2041
220,000
2032
190,000
2042
225,000
$1,085,000 of the Bonds (the "Equipment Certificates") maturing in the amounts and on the dates
set forth below are being issued to finance the cost of the Equipment:
Year
Amount Year
Amount
2023
$100,000 2028
$125,000
2024
105,000 2029
130,000
2025
110,000 2030
135,000
2026
120,000 2031
140,000
2027
120,000
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
EL185-65-708496.v2 4
principal repayment schedule, and corresponding additions may be made to the provisions of the
applicable Bond(s).
2.05. (1ptional Redemption. The City may elect on February 1, 2031, and on any day
thereafter to prepay Bonds maturing on or after February 1, 2032. 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.
2.06. Term Bonds: Mandatory Redemption. The Bonds maturing in 2033, 2035, 2037,
2039 and 2041 shall hereinafter be referred to collectively as the "Term Bonds." The principal
amounts of the Term Bonds subject to mandatory sinking fund redemption on any date may be
reduced through earlier optional redemptions, with any partial redemptions of the Term Bonds
credited against future mandatory sinking fund redemptions of such Term Bonds in such order as the
City shall determine. The Term Bonds are subject to mandatory sinking fund redemption and shall
be redeemed in part by lot at par plus accrued interest on the sinking fund installment dates and in the
principal amounts as follows:
Sinkin, Fund Installation Date Principal Amount
February 1, 2033 Term Bonds
2032 $190,000
2033 (maturity) 190,000
Sinking Fund Installation Date Principal Amount
February 1, 2035 Term Bonds
2034 $195,000
2035 (maturity) 200,000
Sinkin , Fund Installation Date Principal Amount
Februzu-v 1, 2037 Term Bonds
2036 $200,000
2037 (maturity) 205,000
Sinkinu, Fund Installation Date Principal Amount
Februar-� 1. 2039 Term Bonds
2038 $210,000
2039 (maturity) 215,000
EL185-65-708496.v2
SinkinM Fund Installation Date Princizjal Amount
February 1.2041 Term Bonds
2040 $220,000
2041 (maturity) 220,000
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 February 1, 2022, to the
registered owners thereof of record as of the close of business on the 15t' day of the immediately
preceding month, whether or not that day is a business day.
3.03. Registration. 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 ig 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 15' 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.
EL 185-65-708496.v2 6
(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
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 of the 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) not less
than 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.
EL185-65-708496.v2 7
3.04. Annointment 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 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 Finance Director 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.
3.07. Form of Bond. The Bonds will be printed or typewritten in substantially the form
set forth in Exhibit B attached hereto.
3.08. 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 will cause the
opinion to be printed on or accompany each Bond.
Section 4. Funds and Accounts, Security; Payment.
4.01. Debt Service Fund and Accounts Maintained Therein. 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 and
Equipment Bonds, Series 2021A Debt Service Fund" (the "Debt Service Fund"). The Debt Service
Fund shall be administered and maintained by the Finance Director as a bookkeeping account separate
i and apart from all other funds maintained in the official financial records of the City. The Debt Service
EL 185-65-708496.v2
Fund will be maintained in the manner herein specified until all of the Bonds and the interest thereon
have been fully paid. The City will maintain the following accounts in the Debt Service Fund: the
"CIP Improvements Account" and the "Equipment Account." Amounts in the CIP Improvements
Account are irrevocably pledged to the CIP Bonds and amounts in the Equipment Account are
irrevocably pledged to the Equipment Certificates.
(a) CIP Improvements Account. To the CIP Improvements Account in the Debt
Service Fund there is hereby pledged and irrevocably appropriated and there will be credited:
(i) proceeds of the ad valorem taxes levied under Section 4.03 or hereafter levied (the "CIP
Improvement Taxes"), which ad valorem taxes are pledged to the CIP Improvements Account;
(ii) capitalized interest financed from Improvement Bond proceeds, if any; (iii) a pro rata
portion of the amount over the minimum purchase price paid by the Purchaser, to the extent
designated for deposit in the Debt Service Fund in accordance with Section 2.03 hereof; (iv)
all investment earnings on amounts in the CIP Improvements Account of the Debt Service
Fund; and (v) any other funds appropriated for the payment of principal or interest on the CIP
Bonds. If a payment of principal or interest on the CIP Bonds becomes due when there is not
sufficient money in the CIP Improvements Account in the Debt Service Fund to pay the same,
the City Finance Director is directed to pay such principal or interest from the general fund of
the City, and the general fund will be reimbursed for the advances out of the proceeds of taxes
when collected.
(b) EquiRment Account. To the Equipment Account in the Debt Service Fund,
there is hereby pledged and irrevocably appropriated and there will be credited: (i) proceeds
of general taxes levied under Section 4.04 or hereafter levied (the "Equipment Taxes") for
the Equipment, which ad valorem taxes are pledged to the Equipment Account; (ii)
capitalized interested financed from Equipment Certificates proceeds, if any; (iii) a pro rats
portion of the amount of the minimum purchase price paid by the Purchaser, to the extent
designated for deposit in the Debt Service Fund in accordance with Section 2.03 hereof;
and (iv) all investment earnings on funds in the Equipment Account; and (v) any and all
other moneys which are properly available and are appropriated by the City Council to the
Equipment Account. If a payment of principal or interest on the Equipment Certificates
becomes due when there is not sufficient money in the Equipment Account in the Debt
Service Fund to pay the same, the City Finance Director is directed to pay such principal
or interest from the general fund of the City, and the general fund will be reimbursed for
the advances out of the proceeds of taxes when collected.
4.02. Project Fund. The City hereby creates the "General Obligation Capital Improvement
Plan and Equipment Bonds, Series 2021A Project Fund" (the "Project 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 City will maintain the following accounts
in the Project Fund: the "CIP Improvements Account" and the "Equipment Account." Amounts in
the CIP Improvements Account will be used to construct the CIP Improvements and amounts in
the Equipment Account will be used to acquire the Equipment.
(a) CIP Improvements Account. Proceeds of the CIP Bonds, less the
appropriations made in Section 4.01(a) hereof, together with any other funds appropriated for
the CIP Improvements and CIP Improvement Taxes collected during the construction of the
EL185-65-708496.v2 9
CIP Improvements, will be deposited in the CIP Improvements Account of the Project Fund
to be used solely to defray expenses of the CIP Improvements and the payment of principal
of and interest on the CIP Bonds prior to the completion and payment of all costs of the CIP
Improvements. Any balance remaining in the CIP Improvements Account, after the CIP
Improvements are completed and the cost thereof have been paid, may be used as provided in
Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the
CIP Improvements Account of the Project Fund is to be closed and any balance remaining
therein and any subsequent collections of the CIP Improvement Taxes for the CIP
Improvements are to be deposited in the CIP Improvements Account of the Debt Service
Fund.
(b) Equipment Account. Proceeds of the Equipment Certificates, less the
appropriations made in Section 4.01(b) hereof, will be deposited in the Equipment Account
of the Project Fund to be used solely to defray expenses of acquiring the Equipment. Any
balance remaining in the Equipment Account, after the Equipment has been acquired and the
cost thereof have been paid, may be used as provided in Minnesota Statutes, section 475.65,
under the direction of the City Council. Thereafter, the Equipment Account of the Project
Fund is to be closed and any balance remaining therein is to be deposited in the Equipment
Account of the Debt Service Fund.
4.03. Tax Levy for CIP Bonds. For the purpose of paying the principal of and interest on
the CIP Bonds, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the
taxable property in the City, which Taxes will be spread upon the tax rolls and collected with and as
part of other general taxes of the City. Such Taxes will be credited to the CIP Improvements Account
of the Debt Service Fund above provided and will be in the years and amounts as set forth in Exhibit
C.
The tax levy herein provided will be irrepealable until all of the CIP Bonds are paid, 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 the amount available in the CIP Improvements
Account of the Debt Service Fund to pay principal and interest due during the ensuing year on the
CIP Bonds, and the County Auditor/Treasurer of Sherburne County will thereupon reduce the levy
collectible during such year by the amount so certified.
4.04 Tax Levy for Equipment Certificates. For the purpose of paying the principal of and
interest on the Equipment Certificates portion of 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. The taxes will be credited
to the Equipment Account of the Debt Service Fund above provided and will be in the years and
amounts as set forth in Exhibit D.
The tax levy herein provided will be irrepealable until all of the Equipment Certificates are
paid, 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 the amount available in the Equipment
Account of the Debt Service Fund to pay principal and interest due during the ensuing year on the
CIP Bonds, and the County Auditor/Treasurer of Sherburne County will thereupon reduce the levy
EL185-65-708496.v2 10
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.
4.05 Registration of Resolution. The City Clerk is 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.
4.06. Debt Service Coveraee. It is hereby determined that the estimated collection of the
foregoing CIP Improvement Taxes will produce at least 5% in excess of the amount needed to pay
when due, the principal and interest payments on the CIP Bonds, the estimated collection of the
foregoing Equipment Taxes will produce at least 5% in excess of the amount needed to pay when
due, the principal and interest payments on the Equipment Certificates.
4.07. General Obligation Pledge. For the prompt and full payment of the principal of and
interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of
the City will be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is ever
insufficient to pay all principal and interest then due on the Bonds and any other bonds payable
therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which
are available for such purpose, and such general fund may be reimbursed with or without interest
from the Debt Service Fund when a sufficient balance is available therein.
Section 5. Authentication of Transcript.
5.01. 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 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.
5.02. 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.
5.03. 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 or City Finance Director 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.
EL185-65-708496.v2 I I
Q
5.04. Electronic Signatures. The electronic signature of the Mayor and/or the City Clerk
to this resolution and to any certificate authorized to be executed hereunder shall be as valid as an
original signature of such parry 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 6. Tax Covenants.
6.01 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.
6.02. 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,
limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess
investment earnings to the United States (unless the City qualifies for any exemption from rebate
requirements based on timely expenditure of proceeds of the Bonds, in accordance with the Code and
applicable Treasury Regulations).
6.03. Not Private Activity Bonds. The City further covenants not to use the proceeds of
the Bonds or to cause or permit them 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.
6.04. No Designation of Qualified Tax -Exempt Obligations. The Bonds have not been
designated as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the
Code.
6.05. 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.
EL185-65-708496.v2 12
Section 7. Book -Entry System; Limited Obligation of City.
7.01. 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 2.04 hereof. Upon
initial issuance, the ownership of each Bond will be registered in the registration books kept by
the Bond 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.
7.02. Participant 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 Finance Director
will promptly deliver a copy of the same to the Registrar and Paying Agent.
7.03. 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.
7.04. Transfers Outside Book-Emy System. 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
EL 185-65-708496.v2 13
will 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.
7.05. 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 8. Continuing Disclosure.
8.01. City 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
t cause the City to comply with its obligations under this section.
8.02. 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 9. Defeasance. When all Bonds (or all of any the CIP Bonds or Equipment
Certificates portion thereof) and all accrued interest thereon have been discharged as provided in
this section, all pledges, covenants and other rights granted by this resolution (with respect to the
CIP Bonds or Equipment Certificates portion of the Bonds, as the case may be) to 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 all Bonds (or all of either the CIP Bonds or Equipment Certificates portion
thereof) 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
EL185-65-708496.v2 14
discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with
interest accrued to the date of such deposit.
The motion for adoption of the foregoing resolution was duly seconded by Memberwestgaarand
upon vote being taken thereon, the following voted in favor thereof -
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted this 19th day of April, 2021.
By
I Wor
Attest:
Its City Clerk
EL185-65-708496.v2 15
STATE OF MINNESOTA )
COUNTY OF SHERBURNE ) SS.
CITY OF ELK RIVER )
I, the undersigned, being the duly qualified and acting 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 Monday,
April 19, 2021, 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 and Equipment Bonds, Series 2021A in the original
aggregate principal amount of $4,805,000.
WITNESS My hand officially as such City 1 this 19th day of April, 2021.
City Clerk
City of Elk River, Minnesota
EL185-65-708496.v2 16
EXHIBIT A
PROPOSALS
0 bakertilly
NU41COP4L 4WSCR5
N,`25,ow
Cw of EEC Rk*r, :Nfimne"ta
Gen" Qidiptioa Capital Immpro ement Plot =A Egmpsaw t Bonds, .511i1s 1621A
S&Pliattag: AA+
Sal.Dat.: Ap S 19, 2021 Im- 226%
AmsapeMsbffny- 10.393Yms
Hiider TIC
pipw Saader & Co. 1.4730%
Robert W. Bmhd & Co, kcmpmiftd 14975 %
UBS 7hnndai Ses^im LW- 1.5059%
Bszad4eeat�g
Pl1Y+KSANDEEK its CO. 2101am
5.00%
020%
103.123%
CxMrFjMpca4d&Co. 2ADln 24
5.00%
027%
112.702%
210112025
5.00%
039%
116945%
261�+i026
4.00%
0.53%
116.076%
20112027
4.009i
0 ds%
118.706%
2411r2m
3.00%
0.80%
114317Vo
21DV2029
100%
0.90%
115.582%
2MIl2030
3.00%
1.00%
116.619%
210112031
3.00%
1.10%
117.429%
20112033
135%
1.35%
100.000%
2n112035
1.50%
1.50Yi
100.000%
2+01=37
2OD%
1.50%
104.495%
210112039
2.00SL
1.65%
103.123%
ID 2041
2.W%
1.80%
101.771%
21 D112042
2.00%
2.00%
100.000%
Pa mbne Price: S5,Wk7G3.55'
NdlailrestC@st $M, 41432'
TIC1.4730K'
•.IiiaelrMfbildapa�-IP�egaaro�ou.�ei�s4f,8i9�f.G99;a�sie�nne�s.�Inesecm,aiawcreeieaz+amti�re,rBuVrdrs
�, sat,sad.9x i>9X ttsok e� r.r%ora�. 6.
■alarl�r w.rc>pa� A...ur,ucu.n�aleeamuwpel ad'ato• ane t+m.*r � eecaroruB. uP, a a�.Ytattrm.
BaRCTt1Y � tLP, pdeY asaa6er7Cd. y a mmlerd� BBB �t at Bata 1fr tl x3i..re awe. �ataC� sie aerarale aid
Yatemtstdatteaet eame�.02G:t HaYtlYtryr L1A
Page 112
A-1
EL185-65-708496.v2
U
I of ER Rkw, Minnesota
Gez*nlOMptwaCz;dWhq=wnowd M= said EgwmmtBads,Sum ZMnA(Onb *Q
MMMRT W. BALRD & CO., DRMPJ A.T M
C.L. Kft & AuDdM , Lnc.
Cdaim SBCoffireS
Fadelat9• Caphal IVladce�
Dmmupcat & Camps" LW
Leap Capin! NW&e % LL.0
Nmt&zd Seemities, Tac.
%rz3nSpxlmMGiW
Beaaaadi secaatie;, bL
Como Clab Back
Caaws & Ash Lw-
MmaPmi&Seemi es,LLC
&wIIu aM CgnwMmlmM LW
lu*BvsdftmsftnmM
Woftw anamear" LLC
SuoMdde Fmtaas, lLC
RBCCq)ddMzWm
ipppmtdMU&C L IW-
B[#R.Tmsaual Sew, lac.
umbedsambo 'Baot
ArXind5ec ldfiftIimted
naBoat, bc.
Fast svm sew ac
CeoaaetMBE&
2W 5eamifm LIC
DrmesamSe=ftim,lLC
Maioside Swims LLC
S1oaPX3�allot.
4�aldesd �'Ioa+®o
UM PMOMML URMM Zx.
MMM StaaW& Co-d C
Rapmaad lame; & AwodaNs, In:.
FM, 4FimamalCapWM
A-2
bakertiliy
NAMICIP& A 50A
Page 212
EL185-65-708496.v2
No. R-
Rate
EXHIBIT B
FORM OF BOND
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
GENERAL OBLIGATION CAPITAL IMTROVEMENT AND
EQUIPMENT BOND, SERIES 2021A
Maturity Date
February 1, 20
Registered Owner: Cede & Co.
Date of
Original Issue
May 20,1021
CUSIP
287407
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 February 1, 2022, to the person in whose name this Bond is
registered at the close of business on the 15' 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, 2031, and on any date thereafter to prepay Bonds
maturing on or after February 1, 2032. 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 Bonds maturing in 2033, 2035, 2037, 2039 and 2041 shall hereinafter be referred to
collectively as the "Term Bonds." The principal amounts of the Term Bonds subject to mandatory
EL185-65-708496.d1 B-1
N
sinking fund redemption on any date may be reduced through earlier optional redemptions, with any
partial redemptions of the Term Bonds credited against future mandatory sinking fund redemptions
of such Term Bonds in such order as the City shall determine. The Term Bonds are subject to
mandatory sinking fund redemption and shall be redeemed in part by lot at par plus accrued interest
on the sinking fund installment dates and in the principal amounts as follows:
Sinking Fund Installation Date Principal Amount
Febraary 1, 2033 Tenn Bonds
2032 $190,000
2033 (maturity) 190,000
Sinking Fund Installation Date Principal Amount
February 1, 2035 Term Bonds
2034 $195,000
2035 (maturity) 200,000
Sinking Fund Installation Date Principal Amount
FebiuM 1, 2037 Term Bonds
2036 $200,000
2037 (maturity) 205,000
Sinking Fund Installation Date Principal Amount
February 1, 2039 Tern Bonds
2038 $210,000
2039 (maturity) 215,000
Sinking, Fund Installation Date Principal Amount
February 1.2041 Term Bonds
2040 $220,000
2041 (maturity) 220,000
This Bond is one of an issue in the aggregate principal amount of $4,805,000, 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 April 19,
2021 (the "Resolution"), for the purpose of providing monies in part for the construction of various
capital improvements to City facilities as outlined in the City's 2020-2025 Five -Year Capital
Improvement Plan, and the acquisition of capital equipment and pursuant to and in full conformity
the Constitution, and the laws of the State of Minnesota, including Minnesota Statutes, Section
412.301 and Minnesota Statutes, Chapters 475. The principal hereof and the interest hereon are
payable from ad valorem taxes, 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
EL 185-65-708496.v2 B-2
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 additional 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. A
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.
The City has not designated the Bonds as "qualified tax-exempt obligations" pursuant to
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
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.
IN WITNESS WHEREOF, the City of Elk River, Sherburne County, 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: May 20, 2021
CITY OF ELK RIVER, MINNESOTA
EL185-65-708496.v2 B-3
f
City Clerk Ma o
CERTIFICATE OF AUTHENTICATION
v
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
U.S. BANK NATIONAL ASSOCIATION
Authorized Representative
EL 185-65-708496.v2 B-4
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
TT TEN -- as joint tenants
with right of
survivorship and
not as tenants in
common
UNIF GIFT MIN ACT
Custodian
(Cust) (Minor)
under Uniform Gift or Transfer to
Minors Act
of..........................
(State)
Additional abbreviations may also be used though not in the above list.
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:
EL185-65-708496.v2 B-5
i
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 ("SEW"), 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, SEW or MSP, all in accordance with the Securities Exchange Act
of 1934, as amended.
The Bond 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
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 Registration Registered Owner
Cede & Co.
May 20, 2021 Federal ID #13-2555119
Signature of
Registrar
EL185-65-708496.v2 B-6
EXHIBIT C
CIP IMPROVEMENTS TAX LEVY
Collection Year
Levy Amount
2022
$242 660.25
2023
240,822.75
2024
243,972.75
2025
241,347.75
2026
240,087.75
2027
243,867.75
2028
243,762.75
2029
243,500.25
2030
243,080.25
2031
242,502.75
2032
239 809.50
2033
242,366.25
2034
244 545.00
2035
241,395.00
2036
242,445.00
2037
243 390.00
2038
244,230.00
2039
244,965.00
2040
240,345.00
2041
240,975.00
EL185-65-708496.v2 C_ 1
EXHIBIT D
EQUIPMENT CERTIFICATES TAX LEVY
Collection Year
Levy Amount
2022
$148,312.50
2023
148,312.50
2024
148 050.00
2025
152,775.00
2026
147 735.00
2027
147,945.00
2028
149,257.50
2029
150,412.50
2030
151,410.00
EL 185-65-708496.v2 D-1
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CERTIFICATE OF CODUNTY
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 April 19, 2021, levying taxes for the payment of $4,805,000 General
Obligation Capital Improvement Plan and Equipment Bonds, Series 2021A, of said municipality
t
dated May 20, 2021 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.
WITNESS My hand this day of , 2021.
County Auditor/Treasurer
Sherburne County, Minnesota
Deputy
EL185-65-708496.v2