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• EXTRACT OF MINUTES OF MEETING OF <br /> THE ECONOMIC DEVELOPMENT AUTHORITY OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> HELD: July 17, 2006 <br /> Pursuant to due call and notice thereof, a special meeting of the Board of <br /> Commissioners of the Economic Development Authority of the City of Elk River, <br /> Minnesota, was duly called and held at the City Hall on July 17, 2006, at 6:00 o'clock <br /> p.m. <br /> The following members were present: Commissioners Gongoll, Dwyer, Farber, <br /> Gumphrey, Klinzing, Motin, and Tveite <br /> and the following were absent: None <br /> Member Gumphrey introduced the following resolution and moved its adoption: <br /> RESOLUTION#06- 01 <br /> RESOLUTION CALLING FOR AN ELECTION REGARDING ISSUANCE OF <br /> GENERAL OBLIGATION BONDS BY THE ECONOMIC DEVELOPMENT <br /> AUTHORITY OF THE CITY OF ELK RIVER IN A MAXIMUM AMOUNT OF <br /> $12,000,000 <br /> • BE IT RESOLVED by the Board of Commissioners (the "Board") of the City of <br /> Elk River, Minnesota(the "City"), as follows: <br /> 1. Background. <br /> a) It is in the best interests of the health, welfare, and safety of the City <br /> and its residents that the Economic Development Authority of the <br /> City ("Authority") acquire and construct a recreational facility (the <br /> "Project")to be owned by the Authority and leased to the YMCA of <br /> Metropolitan Minneapolis("YMCA"); and <br /> b) The Authority is authorized by the provisions of Minnesota Statutes, <br /> Section 469.102 (Act)to issue its obligations to finance the Project in <br /> whole or in part and to pledge the City's full faith, credit and taxing <br /> powers together with revenues of the Project to the payment of such <br /> obligations; <br /> c) The Authority may pledge the City's full faith and credit only if the <br /> City specifically authorizes the Authority to do so, in an amount <br /> authorized by two-third's majority vote of the City Council, and if <br /> consent to such pledge is given by ordinance; and <br /> d) Is necessary and expedient to the sound financial management of the <br /> affairs of the Authority and City that the Project be financed in whole <br /> or in part by the issuance and sale of the Authority's general <br /> obligation bonds pursuant to the Act in an amount not to exceed <br /> • $12,000,000(the"Bonds"); and <br />