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Economic Development Authority Minutes Page 2 <br />August 12, 2002 <br />5. 2003A S8.OOQ000 Public Safety Bond <br />6. 2002B $1.695.000 City Hall Bond <br />Finance Director Lori Johnson reviewed the staff report regarding the issuance of bonds for <br />the public safety building and the addition to city hall (Elk River Nlunicipal Utilities <br />addition). She noted that there would be a lease agreement between the EDA and the City as <br />the EDA is the issuer of the bonds. She further noted that the City would be bound by the <br />lease to make all debt payments. <br />Lori Johnson informed the EDA that Moody's has upgraded the City's bond rating to A2. <br />Nlark Ruff of Ehlers and Associates reviewed the results of the bond sale. He noted that <br />Piper Jaffcay was the low bidder for the public safety facility at 4.4124% and that Morgan <br />Stanley Dean Witter was the low bidder fox the city hall addition at 4.695%. <br />COMMISSIONER MOTIN MOVED TO ADOPT RESOLUTION 02-04 <br />AUTHORIZING THE ISSUANCE OF PUBLIC SAFETY BUILDING LEASE <br />REVENUE BONDS SERIES 2002A AND THE EXECUTION AND DELIVERY <br />OF A LEASE AGREEMENT, A MORTGAGE AND SECURITY AGREEMENT, <br />AND INDENTURE OF TRUST ON OTHER DOCUMENTS IN <br />CONNECTION THEREWITH. COMMISSIONER TVEITE SECONDED THE <br />MOTION. THE MOTION CARRIED 5-0. <br />COMMISSIONER KLINZING MOVED TO ADOPT RESOLUTION 02-OS <br />AUTHORIZING THE ISSUANCE OF CITY HALL EXPANSION REVENUE <br />BONDS SERIES 2002B AND THE EXECUTION AND DELIVERY OF A <br />SUPPLEMENT TO LEASE PURCHASE AGREEMENT AND A SUPPLEMENT <br />TO TRUST INDENTURE IN CONNECTION THEREWITH. <br />COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION <br />CARRIED 5-0. <br />Other Business <br />Vice President Dwyer noted that the City of Elk River has received a local advertising award <br />from EDAM. Vice President Dwyer referenced the Business Incubator Program Update <br />memo in the EDA packet. <br />8. Adjournment <br />There being no other business, COMMISSIONER TVEITE MOVED TO ADJOURN <br />THE MEETING. COMMISSIONER MOTIN SECONDED THE MOTION. <br />THE MOTION CARRIED 5-0. <br />The meeting of the Elk River Economic Development Authority adjourned at. 6:10 p.m. <br />~~ Q ~~ <br />Sandra Peine <br />City Clerk <br />