5. EDSR 12-10-2012 - Laserfiche WebLink

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RESOLUTION NO. A RESOLUTION PROVIDING FOR THE SALE OF GENERAL OBLIGATION REFUNDING BONDS,SERIES 2013A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority for the City of Elk River,Minnesota(the"Authority"), as follows: 1. It is hereby determined that: (a) the Authority is authorized by the provisions of Minnesota Statutes, Sections 469.090-469.1082 and Chapter 475 (collectively, the"Act") and Section 475.67, Subdivision 13 of the Act to issue and sell its general obligation bonds to refund outstanding bonds when determined by the Board of Commissioners to be necessary and desirable; (b) it is necessary and desirable that the Authority issue General Obligation Refunding Bonds, Series 2013A (the "Bonds") in an amount not to exceed $10,000,000 to refund in advance of maturity and at their redemption date, certain outstanding general obligations of the Authority, the proceeds of which were used to finance the acquisition and betterment of an existing recreational facility located at 13337 Business Center Drive NW in Elk River(the"Project"); (c) the outstanding bonds to be refunded (the"Refunded Bonds") consist of the $10,000,000 General Obligation Bonds, Series 2007B, dated November 8, 2007, of which $9,225,000 in principal amount is callable on February 1, 2017; (d) A public hearing on the issuance of the Bonds and the use of the Project pursuant to a lease with YMCA of the Greater Twin Cities was held on this date following duly published notice, at which time all persons that desired to speak were heard. 2. Subject to approval by the City Council of an ordinance adopted in accordance with Section 469.102, subdivision 4, Ehlers& Associates, the Authority's financial advisor ("Ehlers"), is authorized and directed to structure the terms of the Bonds, subject to the parameters set forth below, and is further authorized to solicit proposals for the Bonds and negotiate the sale of the Bonds on behalf of the Authority. The Board of Commissioners authorizes the President and Executive Director of the Authority and the Mayor, City Administrator and Finance Director of the City of Elk River(the "Pricing Committee") to consider proposals, award the sale of the Bonds and take any other appropriate action with respect to the Bonds, provided that the proposal of the selected purchaser (the "Purchaser") must (a) produce debt service savings such that the present value of the debt service on the Bonds (computed to their stated maturity dates) is lower by at least 5% than the present value of the debt service on the Refunded Bonds, (b) provide that the principal amount of the Bonds shall not exceed $10,000,000, and (c) provide that the final maturity of the Bonds shall be no later than February 1, 2033. 415233v2 JSB EL185-21