07-052 RES
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RESOLUTION 07_52
Council Member Zerwas
introduced the following resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE SALE OF $3,135,000
G.O. IMPROVEMENT BONDS, SERIES 2007C
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 $3,135,000 G.O. Improvement Bonds, Series 2007C
(the "Bonds"), to fund certain improvements to the City's infrastructure; and;
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 Elk River, Minnesota, as
follows:
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 City Hall on June 4, 2007, for
the purpose of considering a resolution 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
Farber and, after full discussion thereof and upon a vote being taken thereon, the following
Council Members voted in favor thereof:
Mayor Klinzing, Councilmembers Motin, Zerwas, and Farber
and the following voted against the same:
None
Whereupon said resolution was declared duly passed and adopted.
Passed and adopted this 21" day of May, 2007.
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Stepha e Klinzing, MaY'
ATTEST /
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Tina Allard, City Clerk