ERMU RES 07-02 RESOLUTION PROVIDING FOR THE SALE OF $3,590,000 GO WATER REVENUE REFUNDING BONDS, SERIES 2008A EXTRACT OF MINUTES OF A MEETING OF THE
MUNICIPAL UTILITIES COMMISSION
OF THE CITY OF ELK RIVER, MINNESOTA
HELD: December 11, 2007
Pursuant to due call and notice thereof, a regular or special meeting of the Municipal
Utilities Commission of the City of Elk River, Minnesota, was duly held at the office of the
Municipal Utilities Commission in the City of Elk River, Minnesota on December 11, 2007, at
4:00 o'clock P.M.
The following members were present: James Tralle, Jerome Takle, Jerry Gumphrey
and the following were absent: none
Member_James Tralle introduced the following resolution and moved its adoption:
RESOLUTION CONCURRING IN THE ACTION OF THE CITY COUNCIL OF THE CITY
OF ELK RIVER, MINNESOTA, IN PROVIDING FOR THE SALE OF $3,590,000 GENERAL
OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 2008A
BE IT RESOLVED by the Board of Commissioners of the Municipal Utilities
Commission of the City of Elk River, Minnesota (the "Commission"), as follows:
Section 1. Recitals. The City of Elk River, Minnesota (the "City") owns and operates
a municipal water system (the "System") which is under the jurisdiction of the Municipal
Utilities Commission of the City of Elk River, Minnesota (the "Commission"). On the date
hereof, the City Council adopted a resolution providing for the sale of$3,590,000 General
Obligation Water Revenue Refunding Bonds, Series 2008A (the "Bonds"). The City Council
will, at a later date, adopt another resolution which will provide for the issuance of the Bonds.
Proceeds of the Bonds will be used, pursuant to a current refunding, to refund $395,000
aggregate principal amount of the City's General Obligation Water Revenue Bonds, Series
1998B, dated December 1, 1998, and,pursuant to a crossover refunding, to refund $3,590,000
aggregate principal amount of the City's General Obligation Water Revenue Bonds, Series
2001A, dated October 1, 2001 (together, the "Refunded Bonds"). Proceeds of the Refunded
Bonds were used to finance improvements to the System.
Section 2. Refunding Purpose. The refunding of the Refunded Bonds, is consistent
with covenants made with the holders thereof, and is necessary and desirable for the reduction of
debt service cost to the City and thus to the Commission. Proceeds of the Bonds shall be
expended on costs relating to the refunding of the Refunded Bonds and shall not be expended on
or devoted to any other uses.
Section 3. System Revenues Pledged. The Commission hereby acknowledges that
the Refunded Bonds are and that the Bonds will be payable from the net revenues of the System.
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Section 4. Declaration. The Board hereby finds, determines and declares that the
issuance of the Bonds is necessary and in the best interests of the Commission and concurs in the
resolutions of the City Council providing for the issuance and sale of the Bonds. The
Commission hereby joins in and adopts said resolutions, including all the covenants and
agreements therein contained, with the same force and effect as if said resolutions had been
adopted by the Board.
The motion for the adoption of the foregoing resolution was seconded by member
Jerry Gumphrey and upon a vote being taken thereon, the following voted in favor
thereof:
and the following voted against the same: none
Whereupon the resolution was declared duly passed and adopted.
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