07-035 RES
.
RESOLUTION 07-35
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF ELK RIVER, MINNESOTA
HELD: March 5, 2007
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 March 5, 2007, at 6:30 o'clock P.M.
The following members were present:
Larry Farber, Jerry Gumphrey, Paul Motin, Nick Zerwas
and the following were absent:
Stephanie Klinzing
Member Farber introduced the following resolution and moved its adoption:
RESOLUTION ACCEPTING PROPOSAL AND 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
$2,875,000 ELECTRIC REVENUE BONDS, SERIES 2007 A
A. WHEREAS, the Public Utilities Commission ofthe City of Elk River, Minnesota
(the "Commission") has determined to undertake capital improvements to the municipal electric
light and power plant and distribution system ofthe City (the "Electric System") consisting of
improvements and extensions to the Electric System (the "Project"); and will finance the Project
by the issuance ofthe City's $2,875,000 Electric Revenue Bonds, Series 2007 A (the "Series
2007A Bonds"); and
B. WHEREAS, the Commission has presented to the City Council a copy of a
resolution entitled "Resolution Providing for the Issuance and Sale of$2,875,000 Electric
Revenue Bonds, Series 2007A and Pledging Net Revenues for the Security Thereof," duly
adopted by the Commission at its February 20, 2007, meeting (the "Bond Resolution"); and
C. WHEREAS, the Bond Resolution delegated to the City Council the authority to
accept, on the Commission's behalf (a) the most favorable proposal for the purchase of the Series
2007 A Bonds, (b) the interest rates for the Series 2007 A Bonds, and (c) the amount of the
Purchaser's discount.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota:
I. The City Council hereby joins in, concurs with, adopts 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.
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2. Based on the delegation of the Commission by the Bond Resolution, the City
Council hereby accepts the proposal of Cronin & Company, Inc. (the "Purchaser"), to purchase
the Series 2007 A Bonds in accordance with the Terms of Proposal, at the rates of interest
hereinafter set forth, and to pay therefore the sum of$2,859,848.20, plus interest accrued to
settlement. The Purchaser's proposal is hereby found, determined and declared to be the most
favorable proposal received and the Series 2007 A Bonds are hereby awarded to the Purchaser.
The Clerk is directed to retain the deposit of the Purchaser and to forthwith return to the
unsuccessful bidders their good faith checks or drafts.
3. The Series 2007 A Bonds shall bear interest at the respective rates per annum set
forth opposite the maturity years as follows:
Maturitv Year Interest Rate Maturitv Year Interest Rate
2010 4.00% 2017 4.00%
2011 4.00% 2018 4.00%
2012 4.00% 2019 4.00%
2013 4.00% 2020 4.00%
2014 4.00% 2021 4.00%
2015 4.00% 2022 4.00%
2016 4.00%
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:
Farber, Motin, Zerwas
and the following abstained:
Gumphrey
and the following voted against the same:
None
Whereupon the resolution was declared duly passed and adopted.
.
STATE OF MINNESOTA
COUNTY OF SHERBURNE
CITY OF ELK RIVER
I, the Wldersigned, 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 COWlcil, duly called and held on the
date therein indicated, relating to $2,875,000 Electric Revenue Bonds, Series 2007 A.
WITNESS my hand on March 5, 2007.
~
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Clerk