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<br />. <br /> <br />. <br /> <br />. <br /> <br />then introduced the <br />following Resolution and moved its adoption: <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$1,275,000 GENERAL OBLIGATION <br />PERMANENT IMPROVEMENT REVOLVING FUND <br />BONDS, SERIES 2000B <br /> <br />BE IT RESOLVED by the City Council (the "Council") of <br />the City of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. Recitals. It is hereby determined: <br /> <br />(a) The following assessable public improvements (the <br />"Improvements") have been duly ordered by the City and have <br />been constructed by the City or will be constructed under <br />contracts which the City has or will let therefor, all <br />pursuant to and in accordance with the applicable provisions <br />of Minnesota Statutes, Chapter 429: <br /> <br />Western Area Improvement project, Phase IV: <br /> <br />Project Costs <br />Allowance for Discount <br />Costs of Issuance <br />Less Other Funds <br /> <br />$1,717,442 <br />19,100 <br />16,389 <br />(477.931) <br /> <br />$1,275,000 <br /> <br />Net Bond Issue <br /> <br />(b) It is necessary and expedient to the sound <br />financial management of the affairs of the City that the <br />City issue its bonds pursuant to Minnesota Statutes, <br />Chapters 429 and 475, to provide financing for the <br />Improvements. <br /> <br />(c) The Improvements and all their components have <br />been ordered 'on or prior to the date hereof, after a hearing <br />thereon (except where not required bylaw) for which mailed <br />and published notice was duly given as required bylaw <br />describing the Improvements and all their components by <br />general nature, estimated cost, and area to be assessed. <br /> <br />(d) The Council desires that the Bonds be issued <br />initially in "Book Entry Only Form" (as hereinafter <br />described) . <br /> <br />2. Acceptance of Offer: Book Entrv Bonds. <br /> <br />(a) The offer of (the <br />"Purchaser") to purchase the City's $1,275,000 General <br />Obligation Permanent Improvement Revolving Fund Bonds, <br /> <br />1217813.1 <br /> <br />2 <br />