RES 26-58City of
ver
City of Elk River
City Council
Resolution 26-58
A Resolution of the City Council of the City of Elk River Acknowledging
Contributions
WHEREAS, the City of Elk River is grateful to all civic groups, organizations, and individuals for their
contributions to the community; and
WHEREAS, the City of Elk River received a $1,273.17 donation from Spectrum School with the intent it
be used by Engineering Department for School Zone Signage along Twin Lakes Road near Industrial
Circle.
NOW, THEREFORE, BE IT RESOLVED by the City Council, by at least four -fifths vote, to
acknowledge the support and commend Spectrum School for their donation.
ATTEST:
Justin d, City C rk
PROPOSALFORM
The City Council
September 8, 2026
City of Elk River, Minnesota (the "City")
RE: $7,690,00011 General Obligation Tax Abatement Bonds, Series 2026A (the "Bonds")
DATED: September 29, 2026
For all or none of the above Bonds, in accordance with the Terms of Proposal and terms of the Global Book -Entry System (unless
otherwise specified
by the Purchaser) as stated in this Official Statement, we will pay you $ 7,831,241.30 (not less than $7,597,720) plus
accrued interest to date
of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
5.00 % due 2028 5.00 % due 2035 4.00
% due 2042
5.00 % due 2029 5.00 % due 2036 4.00
% due 2043
5.00 % due 2030 4.00 % due 2037 4.00
% due 2044
5.00 % due 2031 4.00 % due 2038 4.00
_ % due 2045
5•00 % due 2032 4.00 % due 2039 4.00
% due 2046
4.00 % due 2040 4.00
5.00 %due 2033
% due 2047
5•00 % due 2034 4.00 % due 2041
The City reserves the right to increase or decrease the principal amount of the Bonds on the day of sale, in increments of $5,000 each. Increases or
decreases may be made in any maturity. If any principal amounts are adjusted, the purchase price proposed will be adjusted to maintain the same gross
spread per $1,000.
The rate for any maturity may not be more than 1,00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% is
proposed for the 2028 maturity, then the lowest rate that may be proposed for any later maturity is 3.50%.) All Bonds of the same maturity must
bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1 %.
A good faith deposit ("Deposit") in the amount of S153,800 shall be made by the winning bidder by wire transfer of funds. Such Deposit shall
be received by Ehlers no later than two hours after the proposal opening time. Wire transfer instructions will be provided to the winning bidder
by Ehlers after the tabulation of proposals. The City reserves the right to award the Bonds to a winning bidder whose wire transfer is initiated but
not received by such time provided that such winning bidder's federal wire reference number has been received by such time. In the event the Deposit
is not received as provided above, the City may award the Bonds to the bidder submitting the next best proposal provided such bidder agrees to such
award. The Deposit will be retained by the City as liquidated damages ifthe proposal is accepted and the Purchaser fails to comply therewith. We agree
to the conditions and duties of Ehlers and Associates, Inc., as escrow holder of the Deposit, pursuant to the Terms of Proposal. This proposal is for
prompt acceptance and is conditional upon delivery of said Bonds to The Depository Trust Company, New York, New York, in accordance with the
Terms of Proposal. Delivery is anticipated to be on or about September 29, 2026.
This proposal is subject to the City's agreement to enter into a written undertaking to provide continuing disclosure under Rule 15c2-12 promulgated
by the Securities and Exchange Commission under the Securities Exchange Act of 1934 as described in the Preliminary Official Statement for the Bonds.
We have received and reviewed the Official Statement, and any addenda thereto, and have submitted our requests for additional information or
corrections to the Final Official Statement. As Underwriter (Syndicate Manager), we agree to provide the City with the reoffering price of the Bonds
within 24 hours of the proposal acceptance.
This proposal is a firm offer for the purchase ofthe Bonds identified in the Terms of Proposal, on the terms set forth in this proposal form and the Terms
of Proposal, and is not subject to any conditions, except as permitted by the Terms of Proposal.
By submitting this proposal, we confirm that we are an underwriter and have an established industry reputation for underwriting new issuances of
municipal bonds. YES: X NO:
If the competitive sale requirements are not met, we elect to use either the: 10% test, or the hold -the -offering -price rule to determine the
issue price ofthe Bonds. n A J,1%
'
Account Maneoper7 Pi Sandler & Co
Account Members: Alone
Award will be on a true interest cost basis. According to our computations (the correct computation being controlling in the award),the total dollar
interest cost (including any discount or less any premium) computed from September 29, 2026 ofthe above proposal is $ 3,759,302.59 and the true
interest cost (TIC) is 3.988852 %.
e fore oin offer is hereby accepted by and on behalf of the City Council of the City of Elk River, Minnesota, on September 8, 2026.
By: off►, ��e kti - By: 11 l 't-tom` SV Ov,l r b
Tit — — - Title:
* Subsequent to bid opening the issue size was decreased to $7,460,000.
Adjusted Price: $7,587,766.83 Adjusted Net Interest Cost: $3,723,996.78 Adjusted TIC: 3.9964%
PROPOSAL FORM
The City Council September 8, 2026
City of Elk River, Minnesota (the "City")
RE: $7,690,000" General Obligation Tax Abatement Bonds, Series 2026A (the "Bonds")
DATED: September 29, 2026
For all or none ofthe above Bonds, in accordance with the Terms ofProposat and terms ofthe Global Book -Entry System (unless otherwise specified
by the Purchaser) as stated in this Official Statement, we will pay you $ 7,831,241.30 (not less than $7,597,720) plus accrued interest to date
of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
5.00 % due 2028 5.00 % due 2035 4.00 % due 2042
5.00 % due 2029 5.00 % due 2036 4.00 % due 2043
5.00 % due 2030 4.00 % due 2037 4.00 % due 2044
5.00 % due 2031 4.00 % due 2038 4.00 % due 2045
5.00 % due 2032 4.00 % due 2039 4.00 % due 2046
5.00 /o 0 due /o 2033 4.00 0 due 2040 4.00 a
/o due 2047
5.00 % due 2034 4.00 % due 2041
The City reserves the right to increase or decrease the principal amount ofthe Bonds on the day of sale, in increments of $5,000 each. Increases or
decreases may be made in any maturity. Ifany principal amounts are adjusted, the purchase price proposed will be adj usted to maintain the same gross
spread per $1,000.
The rate for any maturity may not be more than 1.00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% is
proposed for the 2028 maturity, then the lowest rate that may be proposed for any later maturity is 3.50%.) All Bonds ofthe same maturity must
bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1 %.
A good faith deposit ("Deposit") in the amount of$153,800 shall be made by the winning bidder by wire transfer of funds. Such Deposit shall
be received by Ehlers no later than two hours after the proposal opening time. Wire transfer instructions will be provided to the winning bidder
by Ehlers after the tabulation of proposals. The City reserves the right to award the Bonds to a winning bidder whose wire transfer is initiated but
not received by such time provided that such winning bidders federal wire reference number has been received by such time. In the event the Deposit
is not received as provided above, the City may award the Bonds to the bidder submitting the next best proposal provided such bidder agrees to such
award. The Deposit will be retained by the City as liquidated damages if the proposal is accepted and the Purchaser fails to comply therewith. We agree
to the conditions and duties of Ehlers and Associates, Inc., as escrow holder of the Deposit, pursuant to the Terns of Proposal. This proposal is for
prompt acceptance and is conditional upon delivery of said Bonds to The Depository Trust Company, New York, New York, in accordance with the
Terms of Proposal. Delivery is anticipated to be on or about September 29, 2026.
This proposal is subject to the City's agreement to enter into a written undertaking to provide continuing disclosure under Rule 15c2-12 promulgated
by the Securities and Exchange Commission under the Securities Exchange Act of] 934 as described in the Preliminary Official Statement forthe Bonds.
We have received and reviewed the Official Statement, and any addenda thereto, and have submitted our requests for additional information or
corrections to the Final Official Statement. As Underwriter (Syndicate Manager), we agree to provide the City with the reoffering price of the Bonds
within 24 hours ofthe proposal acceptance.
This proposal is a firm offer for the purchase of the Bonds identified in the Terms of Proposal, on the terms set forth in this proposal form and the Terms
of Proposal, and is not subject to any conditions, except as permitted by the Terms of Proposal.
By submitting this proposal, we confirm that we are an underwriter and have an established industry reputation for underwriting new issuances of
municipal bonds. YES: X NO: _.
Ifthe competitive sale requirements are not met, we elect to use either the: 10% test, or the hold -the -offering -price rule to determ inc the
issue price ofthe Bonds. + +
Account Mana_ er: Piper Sandler & Co
Account Members: Alone
Award will be on a true interest cost basis. According to our computations (the correct computation being controlling in the award) the total dollar
interest cost (including any discount or less any premium) computed from September 29, 2026 ofthe above proposal is $ 3,759,30239 and the true
interest cost (TIC) is 3.988852 %.
The foregoiQ8 0114 is ereby accepted by and on behalf ofthe City Council of the City of Elk River, Minnesota, on September 8, 2026.
By: By:
- - -
Title: Title:
" Subsequent to bid opening the issue size was decreased to $7,460,000.
Adjusted Price: $7,587,766.83 Adjusted Net Interest Cost: $3,723,996.78 Adjusted TIC: 3.9964%