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JUN. 27. 2002 9 : 19AM EHLERS & ASSOC. N0, 0865 P. 2 <br /> 411 Resolution No. <br /> Commissioner introduced the following resolution and moved its adoption: <br /> Resolution Providing for the Sale of <br /> Public Project Revenue Bonds, Series 2002A <br /> A. WHEREAS,the Board of Commissioners(the "Board of Commissioners")of the Economic <br /> Development Authority of the City of Elk River,Minnesota(the "Authority"),has heretofore determined <br /> that it is necessary and expedient to issue Public Project Revenue Bonds, Series 2002, in an amount not <br /> to exceed$9,700,000(the "Bonds"), to provide funds for the construction of a new Public Safety <br /> Building and for the renovation of and construction of an addition to the existing City Hall in the City of <br /> Elk River(the "City"); and <br /> B_ WHEREAS,the Authority, in cooperation with the City,has retained Ehlers&Associates, Inc., in <br /> Roseville,Minnesota("Ehlers"), as its independent financial advisor for the Bonds and is therefore <br /> authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Economic Development <br /> Authority of the City of Elk River, Minnesota, as follows: <br /> 1. Authorization:Findings. The Board of Commissioners hereby authorizes Ehlers to solicit proposals for <br /> the sale of the Bonds. <br /> 2. Meeting;Proposal Opening. The Board of Commissioners shall meet on August 12,2002, at such time <br /> • as will be determined,for the purpose of considering sealed proposals for, and awarding the sale of the <br /> Bonds_ The Secretary, or designee,shall open proposals at the time and place as will be determined in <br /> cooperation with Ehlers. <br /> 3. Terms of Proposal. The terms and conditions of the Bonds and the sate thereof will be fully set forth in <br /> a Bond Sale Report to be prepared and provided to the Board of Commissioners by Ehlers. <br /> 4. Official Statement. In connection with said sale,the officers or employees of the Authority and the City <br /> are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement <br /> for the Bonds and to execute and deliver it on behalf of the Authority and the City upon its completion. <br /> The motion for the adoption of the foregoing resolution was duly seconded by Commissioner <br /> and, after full discussion thereof and upon a vote being taken thereon,the <br /> following Commissioners voted in favor thereof: <br /> and the following voted against the same: <br /> Whereupon said resolution was declared duly passed and adopted. <br /> Dated this day of July,2002. <br /> • <br /> Secretary <br />