ORD 07-013• ORDINANCE NO. 07-~
CITY OF ELK RIVER
AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$ 12,000,000 GENERAL OBLIGATION BONDS BY THE ECONOMIC
DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA;
PROVIDING FOR THE FORM AND DETAILS THEREOF; AND AUTHORIZING
THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER,
MINNESOTA, TO PLEDGE THE FULL FAITH, CREDIT AND RESOURCES OF
THE CITY OF ELK RIVER, MINNESOTA, FOR THE SECURITY AND PAYMENT
OF THE BONDS
THE CITY OF ELK RIVER, MINNESOTA, DOES ORDAIN:
SECTION 1. Recitals. The Economic Development Authority for the City of Elk River
(the "EDA") has the powers described in Minnesota Statutes, Section 469.101, including the powers
of a housing and redevelopment authority under Minnesota Statutes, Sections 469.001 through
469.047, and the powers of an economic development authority pursuant to Minnesota Statutes,
Section 469.090 to 469.108. The EDA proposes to undertake the acquisition and betterment of a
recreational facility to be owned by the EDA and leased to The Young Men's Christian Association
of Metropolitan Minneapolis (the "Project") in the exercise of its legal powers and in furtherance of
its goals and purposes, and requires financing for the Project. The City and the EDA believe that it
is desirable and necessary that there be issued general obligation bonds to provide funds to assist the
EDA in financing the Project.
SECTION 2. Bonding Authorization. Pursuant to and in accordance with the provisions of
this Ordinance and the provisions of Minnesota Statutes, Section 469.102 and Chapter 475, the
consent of the City Council is hereby given to the EDA to issue and sell the EDA's general
obligation bond or bonds to which the full faith, credit and resources of the City may and shall be
pledged as payment and security therefor, in one or more series, in fully registered form, and in the
aggregate principal amount not to exceed $12,000,000 (the "Bonds"), for the purpose of providing
funds to assist in financing the Project, together with such costs of issuance and related costs as may
be incidental to the issuance of the Bonds. The EDA shall set the date, denominations, place of
payment, form, content, interest rates and details of the Bonds, and the City Council hereby
consents to the issuance and details of the Bonds, as so determined by the EDA. The City Council
hereby gives specific consent to the pledge of the City's full faith, credit, and resources to the
payment and security of the Bonds.
SECTION 3. Publication. This Ordinance, as adopted on the date hereof, shall be
published in the official newspaper of the City and the EDA.
SECTION 4. Effective Date. The effective date of this Ordinance shall be the date of its
adoption.
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THIS ORDINANCE was introduced and adopted by the City Council of the City of Elk
River, Minnesota, on the 15~' day of October, 2007, by the following vote:
AYES:
Mayor Rlinzing, Councilmembers Zerwas, Motin, Gumphrey, and Farber
NAYS:
None
APPROVED:
., ,
Mayor
ATTEST:
,. - ,.-
City Clerk
•
AFFIDAVIT OF PUBLICATION
STATE OF MINNESOTA ) SS
COUNTY OF SHERBURNE )
ORDINANCE NO.07-13
CITY OF ELK RIVER
AN ORDINANCE AIJTHORIZ-
Bob Cole,being duly sworn On oath says that he is the Interim General Manager of the
ING THE ISSUANCE OF NOT Newspaper known as the Star News,and has full knowledge Of the facts which are stated
TO EXCEED'$12,000 000 GEN. below:
ERAL OBLIGATION BONDS
BY THE T DEV
OPvENT AUTHORITY FOR (A)The Newspaper hascom lied with all ofthe requirements constitutin g qualifications
THE CITY OF ELK RIVER., as a qualified newspaper, as provided by Minnesota Statue 331A.02, 331A.07 and other
MINNESOTA;PROVIDING applicable laws, as ammended.
FOR THE FORM AND
DETAILS THEREOF;AND
AUTHORIZING THE ECO- ( ) printed B The r inted ORDINANCE, which is attached was cut from the columns Of said
'
NOMIC DEVELOPMENT newspaper and was printed and published once a week for one week;it was first published
AUTHORITY FOR THE CI'T'Y on Wednesday,the 24th day of October,2007,and was therefore printed and published on
OF ELK RIVER,MINNESOTA,
TO PLEDGE THE FULL every Wednesday to and including Wednesday,the 24th day of October,2007,and printed
FAITH,CREDIT AND below is a copy of the lower case alphabet from A to Z, both inclusive, which is hereby
RESOURCES RI VER,MINNESOTA,OF THE CITY
OF FELK RI acknowledged as being the size and kind of type used in the composition and publication of
FOR THE SECURITY AND __ the notice
PAYMENT OF THE BONDS
THE CITY OF ELK RIVER,'
MINNESOTA,DOES ORDAIN: abedefghijklmnopqrstuvwxyz
SECTION 1. Recitals. The Eco-
nomic Development Authority for
the City of Elk River(the"EDA")
has the powers described in Min-
-esota Statutes,Section 469.101,
eluding the powers of a housing
.rid redevelopment authority
under Minnesota Statutes, Sec-
tions 469.001 through+469.047,
and the powers of an economic`' Interim General Manager
development authority;pursuant
to Minnesota Statutes, Section
469.090 to 469.108. The EDA.,
proposes to undertake the acquisi- Subscribed and sworn to before me on
tion and betterment of a recre- this 24th day of October, 2007
ational facility to be owned by the
EDA and leased to The Young
Men's Christian Association of s $
Metropolitan Minneapolis (the `i � "r>� CIN[W M.S0HiI I N S K 1
"Project") in the exercise of its Res NOT SHY PUBLIC
legal powers and in furtherance of t <.
its goals and purposes, ands , MINNESOTA
requires financing for the Project, d
My Commission Expires Jan.31,20t0
The City and the EDA believe
that it is desirable acid necessary
that there be issued general obli-
gation bonds to provide funds to Notary Publi
assist the EDA in financing the ----- —
Project.
SECTION 2. Bonding:Authori- �'1 INFORMATION
zation. !Pursuant to and in accor-
dance with the provisions of this
Ordinance and the provisions of $ 28.80
Minnesota Statutes,)Section (1) Lowest classified rate paid by
469.102 and Chapter 475, the commercial users for comparable space
consent of the City Council is (line, word or inch rate)
hereby given to,the EDA to issue
and sell the EDA's general obliga- (2) Maximum rate allowed by law for the $ 14•:85
tion bond or bonds to which the : above matter'
full faith,credit and resources of (line,word or inch fate)
the City may and shall be pledged
as payment and security therefor, (3) Rate actually charged for the above $ 14.85
in one or more series, in fully matter
registered form,and in the aggre
gate principal' amount not to (line, word of inch rate)
exceed$12,000,000(the"Bonds"), 886,127
for the purpose of providing funds
to assist in financing the Project,:
together with such costs of issu-
ance and related costs as may be
incidental to the issuance of the
Bonds. The EDA shall set the
date,denominations, place of
payment,form, content,interest`
rates and details of the Bonds,
and the City Council hereby con
sents to the issuance and details
of the Bonds,as so determined,by
the EDA. The City Council'
hereby gives specific consent,to
the pledge of the City's full faith,
credit,and resources to the pay-:_
ment and security of the Bonds.
SECTION 3. 'Publication. This
Ordinance,as adopted on the date
hereof,shall be published in the
official newspaper of the City and
the EDA.
SECTION 4.` Effective Date.
The effective date of this Ordi-
ance shall be the date of its
adoption.
THIS ORDINANCE was intro-
duced and adopted by the City
Council of the City of Elk River,,
Minnesota, on the 15th day of
October, 2007, by the following
vote: ;
AYES:'Mayor'Klinzing, Coun-
cilmembers Zerwas, Gumphrey,
Farber,and Motin
NAYS:None
APPROVED:
Stephanie Klinzing,Mayor
ATTEST:
Tina Allard,City Cleric
(024)
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