RES 24-43CITY OF ELK RIVER, MINNESOTA
RESOLUTION NO.24-43 APPOINTING BOND TRUST SERVICES
CORPORATION AS FISCAL AGENT IN CONNECTION WITH
CERTAIN OUTSTANDING OBLIGATIONS
WHEREAS, the City of ELK RIVER (the "CITY") has outstanding certain debt obligations
described below (collectively, the "Obligations");
I. $32,715,000 General Obligation Sales Tax Revenue Bonds, Series 2019A
II. $9,435,000 General Obligation Capital Improvement Plan Bonds, Series 2020A
III. $5,340,000 General Obligation Capital Improvement Refunding Bonds, Series 2020B
IV. $7,200,000 Taxable General Obligation Sewer Revenue Refunding Bonds, Series 2020C
V. $4,805,000 General Obligation Capital Improvement Plan and Equipment Bonds, Series
2021A
WHEREAS, the Obligations were issued in book -entry -only form registered in the name of
CEDE & CO. as nominee of The Depository Trust Company, New York, New York ("DTC"), and
DTC acts as securities depository for the Obligations;
WHEREAS, the CITY Council deems it to be necessary, desirable and in the best interest of
the CITY to appoint a new bank or trust company to serve as fiscal agent and to perform the duties
of registrar, paying agent, transfer agent, authenticating agent and fiscal agent (the "Fiscal Agent")
for such Obligations; and
WHEREAS, U.S. Bank Trust Company, a national banking association, is currently acting as
Fiscal Agent for the Obligations and deems it to be necessary, desirable and in the best interest of
the CITY to appoint Bond Trust Services Corporation as successor Fiscal Agent for the Obligations.
NOW, THEREFORE, the CITY Council of the ELK RIVER, MN, does resolve that:
Section 1. Appointment of Fiscal Agent. The principal of and interest on the Obligations
shall be paid by Bond Trust Services Corporation, Roseville, Minnesota, which is hereby appointed
as the CITY 's Fiscal Agent ("BTSC"), pursuant to the provisions of Section Sec. 475.553,
Minnesota Statues, to be effective immediately upon adoption and approval as of the date of this
resolution and upon compliance with allrequirements to appoint a successor Fiscal Agent under the
documents relating to the Obligations.
Section 2. Fiscal Agency Agreement. The Fiscal Agency Agreement between the CITY and
BTSC shall be substantially in the forms attached hereto as Exhibit A and is hereby approved, and
the CITY shall pay such fees and expenses of BTSC set forth in the Fiscal Agency Agreement. The
CITY "Mayor" is hereby authorized to execute the Fiscal Agency Agreement.
Section 3. Notice of Appointment of Fiscal Agent. The officers of the CITY are authorized
and directed to work with the CITY 's financial advisor and dissemination agent, Ehlers &
Associates, Inc., to provide notice of the appointment of the BTSC to DTC and to issue a material
event notice regarding the appointment of the BTSC in accordance with the terms of the CITY
continuing disclosure obligations with respect to the Obligations under Rule 15c2-12 of the
Securities and Exchange Commission.
Adopted and recorded this 5 Darr of AUyy&- ,20,29
#U*ohn Dietz, Mayor]
Attest:
�.
[Tina Allard, City Clerk]
[SEAL]