8.1. SR 07-21-2014 - Laserfiche WebLink

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City of Elk River Resolution 14- A Resolution of the City of Elk River Awarding the Sale of$10,000,000 City of Elk River, Minnesota General Obligation Sewer Revenue Bonds, Series 201413; Fixing their Form and Specifications; Directing their Execution and Delivery; and Providing for their Payment WHEREAS, Pursuant to Minnesota Statutes, Section 444.075 and Chapter 475, as amended (together, the"Act"), the City is authorized to issue obligations in order to finance a wastewater facility improvement project within the City(the "Project"). NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Elk River,Minnesota (the "City") as follows: Section 1. Sale of Bonds. 1.01. Award to the Purchaser and Interest Rates. The proposal of F'IN Financial Capital Markets of Memphis, Tennessee (the "Purchaser") to purchase the Bonds of the City is found and determined to be a reasonable offer and is accepted, the proposal being to purchase the General Obligation Sewer Revenue Bonds, Series 2014B (the "Bonds") at a price of $10,036,220.65 (par amount of $10,000,000, plus original issue premium of $102,780.65, less underwriter's discount of $66,560.00),plus accrued interest, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2016 2.00% 2025 2.50% 2017 2.00 2026 2.75 2018 2.00 2027 3.00 2019 2.00 2028 3.00 2020 2.00 2029 3.00 2021 2.00 2030 3.25 2022 2.00 2034 3.40 2023 2.50 2035 3.50 2024 2.50 1.02. Purchase Contract. Any original issue premium and any rounding amount shall be credited to the Debt Service Fund hereinafter created, or deposited in the Construction Fund under Section 4.01 hereof, as determined by the City's financial advisor and the City Finance Director. The City Finance Director is directed to retain the good faith check of the Purchaser, pending 445655v4 JSB EL 185-27