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RESOLUTION NO. <br /> <br /> RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$1,275,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 2003A <br /> <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />l. Recitals. It is hereby determined: <br /> <br /> (a) That the following assessable public improvements (the "Improvements") <br />have been duly ordered by the City and have been constructed by the City or will be <br />constructed under contracts which the City has or will let therefor, all pursuant to and in <br />accordance with the applicable provisions of Minnesota Statutes, Chapter 429: <br /> <br />Zane Avenue, Boston/Concord Streets and 2003 <br />Pavement Rehabilitation Improvement Projects: <br /> <br />Net Project Costs $1,231,087 <br />Bond Discount 15,300 <br />Issuance Costs 26,000 <br />Rounding 2,613 <br /> <br />Net Bond Issue <br /> <br />$1,275,000 <br /> <br /> (b) That is it necessary and expedient to the sound financial management of the <br />affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, Chapters 429 <br />and 475, to provide financing for the Improvements. <br /> <br /> (c) The Improvements and all their components have by requisite Council vote <br />been ordered on or prior to the date hereof, after a hearing thereon (except where not <br />required by law) for which mailed and published notice was duly given as required by law <br />describing the Improvements and all their components by general nature, estimated cost, <br />and area to be assessed. <br /> <br /> (d) The Council desires that the Bonds be issued initially in "Book Entry Only <br />Form" (as hereinafter described). <br /> <br />2. Acceptance of Offer; Book Entry. Bonds. <br /> <br /> (a) The offer of (the "Purchaser") to <br />purchase the City's $1,275,000 General Obligation Improvement Bonds, Series 2003A (the <br />"Bonds"), at the rates of interest and upon the other terms set forth in this Resolution, and <br />to pay therefor the sm of $. plus interest accrued to settlement, is <br />hereby accepted. <br /> <br />S:~ADMINNResolutions~2003 Resolutions\Unapproved~Bondl.DOC 2 <br /> <br /> <br />