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which will be closed upon completion of the new Liquor <br />Store, estimated to occur in October 1997. Excess <br />funds currently on hand in the City's Liquor Store Fund <br />and estimated to be generated in the coming months from <br />operation of the existing liquor store will be used to <br />reduce the necessary bonding amount to $1,245,000 and <br />to help make initial debt service payments on the Bonds <br />hereinafter described. <br /> <br /> (b) The City is authorized to acquire and <br />complete the Liquor Store and to finance the same <br />through the issuance of the City's liquor store revenue <br />bonds pursuant to applicable law, including without <br />limitation Minnesota Statutes, Section 426.19, and the <br />Council hereby finds that it is necessary and expedient <br />to the sound financial management of the City that the <br />City do so. <br /> <br /> (c) The City has retained Springsted Incorporated, in <br />Saint Paul, Minnesota, as its independent financial advisor <br />for the Bonds and is therefore authorized and hereby <br />determines to sell the Bonds by private negotiation, as <br />authorized by Minnesota Statutes, Section 475.60, <br />Subdivision 2(9). <br /> <br /> 2. Acceptance of Offer. First National Bank Elk <br />River and The Bank of Elk River (collectively, the "Purchaser") <br />have offered to purchase the City's $1,245,000 Liquor Store <br />Revenue Bonds of 1997 (the "Bonds',) at a price of $1,245,000 par, <br />the Bonds to be subject to the terms and conditions herein <br />provided. The Purchaser has in that connection submitted to the <br />Council for its consideration a certain Bond Purchase Agreement, <br />and the Council hereby approves and accepts said Agreement and <br />authorizes the Mayor and City Administrator to execute the same <br />at such time and with such amendments thereto as they may deem <br />desirable, as evidenced by their execution and delivery thereof. <br /> <br /> 3. Authorization for Issuance. The City shall <br />forthwith issue the Bonds. The Bonds shall provide funds to <br />finance the Liquor Store, the total cost of which is estimated to <br />be at least equal to the amount of the Bonds. Work on the Liquor <br />Store shall proceed with due diligence to completion. The Bonds <br />shall be dated as of the date of delivery thereof to the <br />Purchaser, which shall be July 1, 1997, or as soon thereafter as <br />settlement can be arranged with the Purchaser, shall be a fully <br />registered bond without interest coupons and shall mature and <br />bear interest and be payable as provided in the form of the Bonds <br />set out in paragraph 5 of this Resolution. <br /> <br />3554?0.1 2 <br /> <br /> <br />