4.1. ERMUSR 02-11-2014 - Laserfiche WebLink

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PRELIMINARY OFFICIAL STATEMENT $2,125,000* CITY OF ELK RIVER, MINNESOTA ELECTRIC REVENUE REFUNDING BONDS, SERIES 2014A (BOOK ENTRY ONLY) INTRODUCTORY STATEMENT This Preliminary Official Statement contains certain information relating to the City of Elk River, Minnesota (the "City"); the Elk River Municipal Utilities (the "Utility"); the Elk River Municipal Utilities Commission (the "Commission"); and the issuance of $2,125,000* Electric Revenue Refunding Bonds, Series 2014A (the "Bonds"). The Bonds are being issued pursuant to Minnesota Statutes, Chapters 475 and 453, all as amended; a resolution adopted by the City on January 21, 2014 (the "City Resolution") approving the issuance of the Bonds and authorizing certain action to be taken by the Commission with respect to the issuance of the Bonds; and a resolution adopted by the Commission on January 14, 2014 authorizing the issuance of the Bonds. The Commission has been given authority by the City, pursuant to the City Resolution, to adopt the resolution awarding the sale of the Bonds. On February 11, 2014, the Commission will receive proposals to purchase the Bonds. If a proposal for the Bonds is acceptable, the Commission will adopt a resolution (the "Awarding Resolution") authorizing the issuance of the Bonds, establishing the terms of the Bonds, and awarding the sale of the Bonds. The Bonds are special obligations of the City payable solely from Net Revenues (as defined herein) of the City's electric system (the "Electric System") operated by the Commission. The Bonds are being issued on a parity with the City's Electric Revenue Bonds, Series 2007A (the "Outstanding Bonds"). The Outstanding Bonds and the Bonds are collectively referred to as the "Parity Bonds". See "UTILITY REVENUE DEBT" herein. Inquiries regarding the Utility may be directed to Ms. Theresa Slominski, Finance and Office Manager, Elk River Municipal Utilities, 13065 Orono Parkway, Elk River, Minnesota 55330- 0490, by telephoning (763) 635-1325, or by emailing tslominski @elkriverutilities.com. Inquiries regarding the City may be directed to Mr. Tim Simon, Finance Director, City of Elk River, 13065 Orono Parkway, Elk River, Minnesota 55330-0490, by telephoning (763) 635-1000, or by emailing tsimon @elkrivermn.gov. Inquiries may also be made to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota 55101-2887, by telephoning (651) 223- 3000, or by emailing bond_services @springsted.com. CONTINUING DISCLOSURE In order to assist the Underwriters in complying with SEC Rule 15c2-12 (the "Rule"), pursuant to the Awarding Resolution, the City and the Commission have covenanted to comply with the continuing disclosure undertaking (the "Undertaking") for the benefit of holders or beneficial owners of the Bonds to provide certain financial information and operating data relating to the City and the Utility to the Municipal Securities Rulemaking Board annually, and to provide notices of the occurrence of certain events enumerated in the Rule to the Municipal Securities Rulemaking Preliminary;subject to change. - 1 - 82