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<br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Mayor and City Council 8.1 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessMay 16, 2016Lori Ziemer, Interim Finance Director <br />Item Description Reviewed by <br />Issuance of $10,000,000 Electric Revenue Bonds, Cal Portner, City Administrator <br />Series 2016A and $1,460,000 Electric Revenue <br />Reviewed by <br />Refunding Bonds, Series 2016B <br /> <br /> <br />Action Requested <br /> <br />Adopt, by motion, resolutions for the issuance of Electric Revenue Bonds and Electric Revenue <br />Refunding Bonds, and authorizing certain other actions to be taken by the Elk River Municipal Utilities <br />Commission with respect to the issuance of Electric Revenue Bonds, Series 2016A and Electric Revenue <br />Refunding Bonds, Series 2016B. <br /> <br />Background/Discussion <br /> <br />Elk River Municipal Utilities staff has been working with their financial advisor, Springsted, in <br />recommending the issuance of $10,000,000 Electric Revenue Bonds, Series 2016A, to finance the buy-in <br />to become a member of the Minnesota Municipal Power Agency and $1,460,000 Electric Revenue <br />Refunding Bonds, Series 2016B, to refund the 2017 through 2022 maturities of the 2007A bonds. <br /> <br />The City of Elk River is the qualified entity to issue the bonds and on May 10, 2016, the Elk River <br />Municipal Utilities Commission adopted the resolutions requesting the City Council to adopt the <br />resolutions approving the issuance of these bonds. <br /> <br />Financial Impact <br /> <br />The bonds are not general obligations of the city but will be special limited obligations payable solely <br />from the electric utility system. The current refunding of the 2007A bonds is projected to result in <br />savings of $56,000. <br /> <br />Attachments <br /> <br /> <br /> <br />Springsted’s Recommendations for Issuance of Series 2016A and Series 2016B <br /> <br /> <br />Resolution for Series 2016A <br /> <br /> <br />Resolution for Series 2016B <br /> <br /> <br />