RES 05-128
EXTRACT OF MINUTES OF MEETING
CITY COUNCIL OF THE
CITY OF ELK RIVER, MINNES'OTA
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk River,
Minnesota, was duly called and held at City Hall in Elk River, Minnesota, on Monday, December 5, 2005.
The following members were present:
Mayor Klinzing, Councilrnembers Dietz, Farber, Gumphrey, and Motin
and the following members were absent:
None
Councilmember Gumphrey introduced the following resolution and moved its adoption:
Resolution No. 05- 128
RESOLUTION CALLING FOR REDEMPTION OF' OUTSTANDING:
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997A, DATED AUGUST 1,1997
GENERAL OBLIGATION IMPROVENlENT BONDS, SERIES 1999A DATED JULY 1, 1999
GENERAL OBLIGATION PE~MANENT IMPROVEMENT REVOLVING FUND BONDS,
SERIES 20008, DATED NOVEMBER 1, 2000
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2000C,
DATED NOVEMBER 1, 2000
WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
River, Minnesota $1,165,000 General Obligation Improvement Bonds, Series 1997 A, dated August 1, 1997 (the
111997 A Bonds"), of which $285,000 still remains outstanding; and
WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
River, Minnesota $5,725,000 General Obligation Improvement Bonds, Series 1999A, dated July 1,1999 (the
u1999A Bonds"), of which $3,510,000 still remains outstanding; and
WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
River, Minnesota $1,275,000 General Obligation Permanent Improvement Revolving Fund Bonds, Series
2000B, dated November 1, 2000 (the u2000B Bonds"), of which $935,000 still remains outstanding; and
WHEREAS, the City Council of the City of Elk River, Minnesota, issued on behalf of the City of Elk
River, Minnesota $900,000 General Obligation Improvement Refunding Bonds, Series 2000C, dated November
1, 2000 (the u2000C Bonds"), of which $375,000 still remains outstanding; and
WHEREAS, all of the1997 A Bonds maturing in the years 2006 through 2013, inclusive, are subject to
redemption and prepayment at the option of the City on February 1, 2005, and on any date thereafter at a price
of par, plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City
Council of the City of Elk River, Minnesota on July 28, 1997, authorizing the issuance of the1997 A Bonds (the
uJuly 1997 Resolution"); and
05-128
WHEREAS, all of the1999A Bonds maturing in the years 2007 through 2015, inclusive, are subject to
redemption and prepayment at the option of the City on February 1, 2006, and on any date thereafter at a price
of par, plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City
Council of the City of Elk River, Minnesota on June 28, 1999, authorizing the issuance of the1999A Bonds (the
HJune 1999 Resolution"); and
WHEREAS, all of the 2000B Bonds maturing in the years 2007 through 2016, inclusive, are subject to
redemption and prepayment at the option of the City on February 1, 2006, and on any date thereafter at a price
of par, plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City
Council of the City of Elk River, Minnesota on October 23, 2000, authorizing the issuance of the 2000B Bonds
(the UOctober 2000B ResolutionTt); and
WHEREAS, all of the 2000C Bonds maturing in the years 2006 through 2008, inclusive, are subject to
redemption and prepayment at the option of the City on February 1, 2005, and on any date thereafter at a price
of par, plus accrued interest to the date of redemption, all as provided in the resolution adopted by the City
Council of the City of Elk River, Minnesota on October 23, 2000, authorizing the issuance of the 2000C Bonds
(the UOctober 2000C Resolution"); and
WHEREAS, the City Council of the City of Elk River, Minnesota deems it desirable and in the best
interests of the City of Elk River to call those 1997 A Bonds maturing in the years 2007 through 2013, inclusive,
totaling $210,000 in principal amount, on February 1, 2006, in accordance with the July 1997 Resolution; and
WHEREAS, the City Council of the City of Elk River, Minnesota deems it desirable and in the best
interests of the City of Elk River to call those 1999A Bonds maturing in the years 2007 through 2015, inclusive,
totaling $3,060,000 in principal amount, on February 1, 2006, in accordance with the June 1999 Resolution; and
WHEREAS, the City Council of the City of Elk River, Minnesota deems it desirable and in the best
interests of the City of Elk River to call those 2000B Bonds maturing in the years 2007 through 2016, inclusive,
totaling $850,000 in principal amount, on February 1, 2006, in accordance with the October 2000B Resolution;
and
WHEREAS, the City Council of the City of Elk River, Minnesota deems it desirable and in the best
interests of the City of Elk River to call those 2000C Bonds maturing in the years 2007 through 2008, inclusive,
totaling $245,000 in principal amount, on February 1, 20061 in accordance with the October 2000C Resolution;
and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as
follows:
(1) All of the 1997 A Bonds maturing in the years 2007 through 2013, inclusive, totaling $210,000 in
principal amount shall be redeemed and prepaid on February 1, 2006, at par, plus accrued
interest.
All of the 1999A Bonds maturing in the years 2007 through 2015, inclusive, totaling $3,060,000
in principal amount shall be redeemed and prepaid on February 1, 2006, at par, plus accrued
interest.
All of the 2000B Bonds maturing in the years 2007 through 2016, inclusive, totaling $850,000 in
principal amount shall be redeemed and prepaid on February 1, 2006, at par, plus accrued
interest.
All of the 2000C Bonds maturing in the years 2007 through 2008, inclusive, totaling $245,000 in
principal amount shall be redeemed and prepaid on February 1, 2006, at par, plus accrued
interest.
05-128
(2) The City Clerk of the City of Elk River, Minnesota is hereby authorized and directed to give
mailed notice of call, prior to February 1, 2006, for the 1997 A Bonds, to the Bond
Registrar/Paying Agent, U.S. Bank National Association (formerly First Trust National
Association), in St. Paul, Minnesota, and to all holders of the Bonds. Said notice shall be
substantially in the form shown as Exhibit A.
The City Clerk of the City of Elk River, Minnesota is hereby authorized and directed to give
mailed notice of call, prior to February 1, 2006, for the 1999A Bonds, to the Bond
Registrar/Paying Agent, U.S. Bank National Association (formerly U.S. Bank Trust National
Association), in 81. Paul, Minnesota, and to all holders of the Bonds. Said notice shall be
substantially in the form shown as Exhibit B.
The City Clerk of the City of Elk River, Minnesota is hereby authorized and directed to give
mailed notice of call, prior to February 1, 2006, for the 2000B Bonds, to the Bond
Registrar/Paying Agent, U.S. Bank National Association (formerly U.S. Bank Trust National
Association), in 81. Paul, Minnesota, and to all holders of the Bonds. Said notice shall be
substantially in the form shown as Exhibit C.
The City Clerk of the City of Elk River, Minnesota is hereby authorized and directed to give
mailed notice of call, prior to February 1, 2006, for the 2000C Bonds, to the Bond
Registrar/Paying Agent, U.S. Bank National Association (formerly U.S. Bank Trust National
Association), in St. Paul, Minnesota, and to all holders of the Bonds. Said notice shall be
substantially in the form shown as Exhibit D.
(3) The City Clerk of the City of Elk River is hereby authorized and directed to deposit with the
Bond Registrar/Paying Agent of the 1997 A Bonds, U.S. Bank National Association (formerly
First Trust National Association), prior to the call date of February 1, 2006, sufficient funds to
pay all principal and interest due on the Bonds as of the call date.
The City Clerk of the City of Elk River is hereby authorized and directed to deposit with the
Bond Registrar/Paying Agent of the 1999A Bonds, U.S. Bank National Association (formerly
U.S. Bank Trust National Association), prior to the call date of February 1, 2006, sufficient
funds to pay all principal and interest due on the Bonds as of the call date.
The City Clerk of the City of Elk River is hereby authorized and directed to deposit with the
Bond Registrar/Paying Agent of the 20008 Bonds, U.S. Bank National Association (formerly
U.S. Bahk Trust National Association), prior to the call date of February 1, 2006, sufficient
funds to pay all principal and interest due on the Bonds as of the call date.
The City Clerk of the City of Elk River is hereby authorized and directed to deposit with the
Bond Registrar/Paying Agent of the 2000C Bonds, U.S. Bank National Association (formerly
U.S. Bank Trust National Association), prior to the call date of February 1, 2006, sufficient
funds to pay all principal and interest due on the Bonds as of the call date.
05-128
The motion for the adoption of the foregoing resolution was duly seconded by Member Farber
and upon a vote being taken thereonl the following voted in favor thereof:
Mayor Klinzing, Councilmembers Dietz, Farber, Gumphrey, and Motin
and the following voted against the same:
None
whereupon said resolution was declared duly passed and adopted.
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05-128
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
I, the undersigned, being the duly qualified and City Clerk of the City of Elk River, Minnesota (the
llCityll), 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, December 5, 2005, 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 redemption
of certain General Obligation Improvement Bonds, Series 1997 A; General Obligation Improvement Bonds
Series 1999A; General Obligation Permanent Improvement Revolving Fund Bonds, Series 2000B; and
General Obligation Improvement Refunding Bonds, Series 2000C of the City.
WITNESS My hand as City Clerk and the official seal of the City this 5th day of December, 2005.
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City CJerki
City of ElK River, Minnesota
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05-128
EXHIBIT A
NOTICE OF REDEMPTION
General Obligation Improvement Bonds, Series 1997 A
Dated August 1, 1997
City of Elk River, Minnesota
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Elk River, Minnesota,
there have been called for redemption and prepayment on
February 1, 2006
the following outstanding bonds of the City designated as General Obligation Improvement Bonds,
Series 1997 A, dated August 1, 1997:
Maturitv Date Principal Amount
February 1, 2007 $ 75,000
February 1, 2013 135,000
I nterest Rate
4.700k
5.000/0
CUSIP Number*
287407 WH9
287407 WP1
The bonds are being called at a price of 1000/0 of their principal amount plus accrued interest to
February 1, 2006, on which date they will cease to bear interest. Holders of such bonds hereby
called for redemption should present their Bonds for payment to U.S. Bank National Association
(formerly First Trust National Association) at the address below, on or before February 1, 2006.
If bv Mail
If bv Hand or Overniaht Mail
U.S. Bank National Association
Corporate Trust Department
P.O. Box 64111
St. Paul, MN 55164-0111
U.S. Bank National Association
U.S. Bank Trust Center
Bond Drop Window, 1st Floor
60 Livingston Avenue
St. Paul, Minnesota, MN 55107
It is recommended that you mail your bonds registered or certified mail to guard against loss.
BY ORDER OF THE CITY COUNCIL
CITY OF ELK RIVER, MINNESOTA
Is/
Dated: December 5,2005
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of
2001 , federal backup withholding tax will be withheld at the applicable backup withholding rate in
effect at the time the payment by the redeeming institutions if they are not provided with your
social security number or federal employer identification number, properly certified. This
requirement is fulfilled by submitting a W-9 Form, which November be obtained at a bank or
other financial institution.
*Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or
use of the CUSIP number, and no representation is made as to its correctness indicated in the
Notice of Redemption. CUSIP numbers are included solely for the convenience of the Holders.
05-128
EXHIBIT 8
NOTICE OF REDEMPTION
General Obligation Improvement Bonds, Series 1999A
Dated July 1, 1999
City of Elk River, Minnesota
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Elk River, Minnesota,
there have been called for redemption and prepayment on
February 1, 2006
the following outstanding bonds of the City designated as General Obligation Improvement Bonds,
Series 1999A, dated July 1, 1999:
Maturitv Date Principal Amount
February 1, 2007 $440,000
February 1, 2008 280,000
February 1, 2009 280,000
February 1, 2010 275,000
February 1, 2011 275,000
February 1,2012 280,000
February 1, 2013 280,000
February 1, 2014 285,000
February 1, 2015 665,000
I nterest Rate
4.700/0
4.800/0
4.850/0
4.90%
4.90%
4.950/0
5.000/0
5.000/0
5.00010
CUSIP Number*
287407 YH7
287407 YJ3
287407 YKO
287407 YL8
287407 YM6
287407 YN4
287407 ypg
287407 YQ7
287407 YR5
The bonds are being called at a price of 1000/0 of their principal amount plus accrued interest to
February 1, 2006, on which date they will cease to bear interest. Holders of such bonds hereby
called for redemption should present their Bonds for payment to U.S. Bank National Association
(formerly U.S. Bank Trust National Association) at the address below, on or before February 1,
2006.
If bv Mail
U.s. Bank National Association
Corporate Trust Department
P.O. Box 64111
81. Paul, MN 55164-0111
If bv Hand or Overniaht Mail
u.s. Bank National Association
U.S. Bank Trust Center
Bond Drop Window, 1st Floor
60 Livingston Avenue
81. Paul, Minnesota, MN 55107
It is recommended that you mail your bonds registered or certified mail to guard against loss.
BY ORDER OF THE CITY COUNCIL
CITY OF ELK RIVER, MINNESOTA
/5/
Dated: December 5, 2005
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time the payment by the redeeming institutions if they are not provided with your social security number or
federal employer identification numberl properly certified. This requirement is fulfilled by submitting a W-9
Form, which November be obtained at a bank or other financial institution.
*Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or use of the
CUSIP number, and no representation is made as to its correctness indicated in the Notice of Redemption.
CUSIP numbers are included solely for the convenience of the Holders.
05-128
EXHIBIT C
NOTICE OF REDEMPTION
General Obligation Permanent Improvement Revolving Fund Bonds, Series 20008
Dated November 1, 2000
City of Elk River, Minnesota
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Elk River, Minnesota,
there have been called for redemption and prepayment on
February 1, 2006
the following outstanding bonds of the City designated as General Obligation Permanent
Improvement Revolving Fund Bonds, Series 2000B, dated November 1, 2000:
Maturitv Date Principal Amount Interest Rate CUSIP Number*
February 1,2007 $85,000 4.700/0 287407 A75
February 1,2008 85,000 4.750/0 287407 A83
February 1,2009 85,000 4.800/0 287407 A91
February 1,2010 85,000 4.850/0 287407 825
February 1, 2011 85,000 4.950/0 287407 ZU7
February 1, 2012 85,000 5.000/0 287407 ZV5
February 1, 2013 85,000 5.100/0 287407 ZW3
February 1,2014 85,000 5.200/0 287407 ZX1
February 1, 2015 85,000 5.300/0 287407 ZY9
February 1, 2016 85,000 5.400/0 287407 ZZ6
The bonds are being called at a price of 1000/0 of their principal amount plus accrued interest to
February 1, 2006, on which date they will cease to bear interest. Holders of such bonds hereby
called for redemption should present their Bonds for payment to U.S. Bank National Association
(formerly U.S. Bank Trust National Association) at the address below, on or before February 1,
2006.
If bv Mail
If bv Hand or Overniqht Mail
U.S. Bank National Association
Corporate Trust Department
P.O. Box 64111
St. Paul, MN 55164-0111
U.S. Bank National Association
U.S. Bank Trust Center
Bond Drop Window, 1 st Floor
60 Livingston Avenue
St. Paul, Minnesota, MN 55107
It is recommended that you mail your bonds registered or certified mail to guard against loss.
Dated: December 5, 2005
BY ORDER OF THE CITY COUNCIL
CITY OF ELK RIVER, MINNESOTA
Is/
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001,
federal backup withholding tax will be withheld at the applicable backup withholding rate in effect at the
time the payment by the redeeming institutions if they are not provided with your social security number or
federal employer identification number, properly certified. This requirement is fulfilled by submitting a W-9
Form, which November be obtained at a bank or other financial institution.
*Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or
use of the CUSIP number, and no representation is made as to its correctness indicated in the
Notice of Redemption. CUSIP numbers are included solely for the convenience of the Holders.
05-128
EXHIBIT D
NOTICE OF REDEMPTION
General Obligation Improvement Refunding Bonds, Series 2000C
Dated November 1,2000
City of Elk River, Minnesota
NOTICE IS HEREBY GIVEN that by order of the City Council of the City of Elk River, Minnesota,
there have been called for redemption and prepayment on
February 1, 2006
the following outstanding bonds of the City designated as General Obligation Improvement
Refunding Bonds, Series 2000C, dated November 1, 2000:
Maturity Date Principal Amount Interest Rate
February 1, 2007 $125,000 4.650/0
February 1, 2008 120,000 4.700/0
CUSIP Number*
287407 B82
287407 890
The bonds are being called at a price of 1000/0 of their principal amount plus accrued interest to
February 1, 2006, on which date they will cease to bear interest. Holders of such bonds hereby
called for redemption should present their Bonds for payment to U.S. Bank National Association
(formerly U.S. Bank Trust National Association) at the address below, on or before February 1,
2006.
If bv Mail
If bv Hand or Overnioht Mail
U.S. Bank National Association
Corporate Trust Department
P.O. Box 64111
81. Paul, MN 55164-0111
U.S. Bank National Association
U.S. Bank Trust Center
Bond Drop Window, 1 st Floor
60 Livingston Avenue
81. Paul, Minnesota, MN 55107
It is recommended that you mail your bonds registered or certified mail to guard against loss.
BY ORDER OF THE CITY COUNCIL
CITY OF ELK RIVER, MINNESOTA
/s/
Dated: December 5, 2005
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of
2001, federal backup withholding tax will be withheld at the applicable backup withholding rate in
effect at the time the payment by the redeeming institutions if they are not provided with your
soci.al security number or federal employer identification number, properly certified. This
requirement is fulfilled by submitting a W-9 Form, which November be obtained at a bank or
other financial institution.
*Neither the City nor the Bond Registrar/Paying Agent shall be responsible for the selection of or
use of the CUSIP number, and no representation is made as to its correctness indicated in the
Notice of Redemption. CUSIP numbers are included solely for the convenience of the Holders.
05-128