RES 06-122
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RESOLUTION NO. 06- 122
A RESOLUTION FOR THE CITY OF ELK RIVER
Council Member Motin
introduced the following resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE SALE OF $3,220,000 GENERAL
OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2006C
A. WHEREAS, the City Council of the City of Elk River, Minnesota, has heretofore
determined that it is necessary and expedient to issue the City's $3,220,000 General
Obligation Capital Improvement Plan Bonds, Series 2006C (the "Bonds"), to finance the
construction of a library in the City;
B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota
("Ehlers "), as its independent financial advisor for the Bonds and is therefore authorized to
solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota:
1. Authorization: Findings. The City Council hereby authorizes Ehlers to solicit proposals for
the sale of the Bonds.
2. Meeting: Proposal Opening. The City Council shall meet at 6:30 P.M. on November 20,
2006, for the purpose of considering sealed proposals for and awarding the sale of the
Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are
hereby authorized to cooperate with Ehlers and participate in the preparation of an official
statement for the Bonds and to execute and deliver it on behalf of the City upon its
completion.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
Farher and, after full discussion thereof and upon a vote being taken
thereon, the following Council Members voted in favor thereof:
Mayor Klinzing, Councilmembers Motin, Gumphrey, Farber, and Dietz
and the following voted against the same:
None
Whereupon said resolution was declared duly passed and adopted.
Dated this 6th day of November, 2006.
ATTEST
Joan Schmidt, City Clerk
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