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RESOLUTION 04-59
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF ELK RIVER, MINNESOTA
HELD: August 2,2004
Pursuant to due call and notice thereof, a regular or special meeting of the City Council
of the City of Elk River, Minnesota, was duly called and held at the City Hall in the City of Elk
River, Minnesota on August 2, 2004, at 6:30 p.m.
The following members were present:
Mayor Klinzing, Counci/members Motin, Tveite, and Dietz
and the following were absent:
Counci/member Kuester
Member Tveite introduced the following resolution and moved its adoption:
RESOLUTION CONCURRING IN THE ACTION OF THE BOARD OF
COMMISSIONERS OF THE PUBLIC UTILITIES COMMISSION OF THE CITY OF
ELK RIVER, MINNESOTA, IN PROVIDING FOR THE ISSUANCE AND SALE OF
$940,000 ELECTRIC REVENUE BONDS, SERIES 2004A
WHEREAS:
A. the Public Utilities Commission of the City of Elk River, Minnesota (the
"Commission") has determined to undertake capital improvements to the municipal electric light
and power plant and distribution system of the City (the "Electric System") consisting of
improvements and extensions to the Electric System (the "Project"); and will finance the Project
by the issuance of the City's $940,000 Electric Revenue Bonds, Series 2004A (the "Series 2004A
Bonds"); and
B. the Commission has presented to the City Council a copy of a resolution (the
"Bond Resolution") entitled "Resolution Providing for the Issuance and Sale of $940,000
Electric Revenue Bonds, Series 2004A and Pledging Net Revenues for the Security Thereof," to
be considered for adoption by the Commission after the date hereof.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota as follows:
(1)
The authority to accept the most favorable proposal for the purchase of the
2004A Bonds, the interest rates and the amount of the purchaser's
discount is hereby delegated to the commission; provided the true interest
cost on the 2004A Bonds shall not exceed 5.25%.
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(2)
The City Council hereby concurs in the Bond Resolution of the
Commission providing for the issuance and sale ofthe Series 2004A
Bonds, hereby joins in and adopts the Bond Resolution and makes the
determinations and findings set forth in the Bond Resolution with the
same force and effect as if the Bond Resolution had been adopted by the
City Council.
The motion for the adoption of the foregoing resolution was seconded by member Motin
and upon a vote being taken thereon, the following voted in favor thereof:
Mayor Klinzing, Councilmembers Motin, Tveite, and Dietz
and the following voted against the same:
None
Whereupon the resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
I, the undersigned, being the duly qualified and acting Clerk of the City of Elk River,
Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of
minutes with the original thereof on file in my office, and that the same is a full, true and
complete transcript of the minutes of a meeting of the City Council, duly called and held on the
date therein indicated, insofar as such minutes relate to providing for the issuance and sale of
$940,000 Electric Revenue Bonds, Series 2004A.
WITNESS my hand on August 2, 2004.
Clerk
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