01-057 RESRESOLUTION NO. 0]-57
Resolution Providing for the Sale of
$3,590,000 G.O. Water Revenue Bonds, Series 2001A
BE IT RESOLVED by the City Council (the "City Council") of the City of Elk River, Minnesota (the
"City") as follows:
Background
1.1. The Elk River Municipal Utilities has heretofore determined that it is necessary and expedient to
undertake improvements to the municipal water system including storage, well and treatment
facilities and has requested the City to issue $3,590,000 G.O. Water Revenue Bonds, Series 200lA
(the "Bonds"), to finance said improvements.
1.2. The City has designated Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent financial advisor and is therefore authorized to solicit proposals in accordance with
Minnesota Statutes, Section 475.60, Subdivision 2(9).
Action
2. l. Authorization; Findings. Thc City hereby authorizes Ehlers to solicit proposals for the sale of the
Bonds.
2.2. Meeting; Proposal Opening. The City Council shall meet at the time and place to be specified in the
Terms of Proposal for the purpose of considering proposals for, and awarding the sale of the Bonds.
Pursuant to Minnesota Statutes, Section 475.60, Subdivision 1, the City Administrator, in
consultation with Ehlers, may determine that it is in the best interests of the City to receive
proposals for the sale of the Bonds on a different date that stated in the Terms of Proposal. The City
Administrator is authorized to change the date to receive proposals for the sale of the Bonds. If the
City Council does not meet on the date that proposals are received, then the City Administrator and
the Mayor are authorized to accept the low bid. In such case, the resolution awarding the sale send
setting the terms of the Bonds shall be presented to the City Council for ratification at its next
meeting.
Terms of Proposal. The terms and conditions of the Bonds and the sale thereof as set forth in the
Bond Sale Report are hereby approved.
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 Cityupon its completion.
2.3.
2.4.
Adopted this 27th day of August 2001.
gandra Peine, City Clerk
Stephan~ Klinzing, May(~