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OFFICIAL STATEMENT
<br /> CITY OF ELK RIVER,MINNESOTA
<br /> $10,000,000*
<br /> ELECTRIC REVENUE BONDS, SERIES 2016A
<br /> $1,460,000*
<br /> ELECTRIC REVENUE REFUNDING BONDS,SERIES 2016B
<br /> (BOOK ENTRY ONLY)
<br /> INTRODUCTORY STATEMENT
<br /> This Official Statement contains certain information relating to the City of Elk River, Minnesota
<br /> (the"City"); the Elk River Municipal Utilities (the "Utility"); the Elk River Municipal Utilities
<br /> Commission (the "Commission"); and the issuance of $10,000,000* Electric Revenue Bonds,
<br /> Series 2016A (the "Series 2016A Bonds") and $1,460,000* Electric Revenue Refunding Bonds,
<br /> Series 2016B (the "Series 2016B Bonds and, together with the Series 2016A Bonds, the "Bonds"). The
<br /> Bonds are being issued pursuant to Minnesota Statutes, Chapters 475 and 453, and Sections 412.321
<br /> through 412.391, all as amended; resolutions adopted by the City on May 16, 2016 (the "City
<br /> Resolutions")approving the issuance of each series of Bonds and authorizing certain action to be taken by
<br /> the Commission with respect to the issuance of each series of Bonds; and resolutions adopted by the
<br /> Commission on May 10, 2016 authorizing the issuance of each series of Bonds.
<br /> The Commission has been given authority by the City, pursuant to the City Resolutions, to adopt
<br /> resolutions awarding the sale of each series Bonds. On June 14, 2016, the Commission will receive
<br /> proposals to purchase each series of Bonds. If a proposal for each series of Bonds is acceptable, the
<br /> Commission will adopt resolutions (the "Awarding Resolutions") authorizing the issuance of each series
<br /> of Bonds,establishing the terms of each series of Bonds,and awarding the sale of each series of Bonds.
<br /> The Bonds are special obligations of the City payable solely from Net Revenues(as defined herein)of the
<br /> City's electric system (the "Electric System") operated by the Commission. The Bonds are being issued
<br /> on a parity with the City's Electric Revenue Refunding Bonds, Series 2014A(the "Outstanding Bonds").
<br /> The Outstanding Bonds and the Bonds are collectively referred to as the "Parity Bonds." See"UTILITY
<br /> REVENUE DEBT"herein.
<br /> Inquiries regarding the Utility may be directed to Ms. Theresa Slominski, Finance and Office Manager,
<br /> Elk River Municipal Utilities, 13065 Orono Parkway, Elk River, Minnesota 55330-0490, by telephoning
<br /> (763) 635-1325, or by emailing tslominski@elkriverutilities.com. Inquiries regarding the City may be
<br /> directed to Ms. Lori Ziemer, Interim Finance Director, City of Elk River, 13065 Orono Parkway, Elk
<br /> River, Minnesota 55330-0490, by telephoning (763) 635-1000, or by emailing lziemer@elkrivermn.gov.
<br /> Inquiries may also be made to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul,
<br /> Minnesota 55101-2887,by telephoning(651)223-3000,or by emailing bond_services@springsted.com.
<br /> * Preliminary;subject to change.
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