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<br />e <br /> <br />e <br /> <br />e <br /> <br />Special Meeting of the Elk River City Council <br />Held at the County Administrative Building <br />July 29, 1986 <br /> <br />Members Present: <br /> <br />Mayor Hinkle, Councilmembers Gunkel, Schuldt, and Williams <br /> <br />Members Absent: <br /> <br />Councilmember Engstrom <br /> <br />Staff Present: <br /> <br />Pat Klaers, City Administrator <br /> <br />Mayor Hinkle called the meeting or order at 6:34 p.m. <br /> <br />Background information regarding the bond sale for the County Law Enforcement <br />facility was provided by Ms. Carolyn Drude, of Ehler's and Associates. Ms. Drude <br />gave information to the Council regarding the lease purchase plan and the <br />accual bond amounts that were submitted. It was clearly indicated by Ms. Drude <br />that the City will issue the bonds for the County Law Enforcement facility and <br />then will enter into a lease arrangement with the County. <br /> <br />COUNCILMEMBER GUNKEL MOVED TO ADOPT RESOLUTION 86-51 A RESOLUTION OF THE CITY OF <br />ELK RIVER, MINNESOTA (THE CITY), AUTHORIZING THE ISSUANCE OF $1,750,000 LAW <br />ENFORCEMENT FACILITY REVENUE BONDS (SHERBURNE COUNTY UNLIMITED TAX LEASE OBLIGA- <br />TION) SERIES 1986, WHICH BONDS AND THE INTEREST AND ANY PREMIUM THEREON SHALL <br />BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM THE SUBLEASE AGREEMENT; <br />AWARDING THE SALE OF THE BONDS; PRESCRIBING THE FORM OF AND AUTHORIZING THE <br />EXECUTION OF AN INDENTURE OF TRUST; AUTHORIZING THE EXECUTION OF THE BONDS AND <br />DIRECTING THE AUTHENTICATION AND DELIVERY THEREOF; PRESCRIBING THE FORM OF AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT BY AND BETWEEN <br />SHERBURNE COUNTY (THE COUNTY) AND THE CITY; PRESCRIBING THE FORM OF AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF A SUBLEASE AGREEMENT BY AND BETWEEN <br />THE CITY AND COUNTY; AUTHORIZING AND APPROVING THE FORM OF THE OFFICIAL <br />STATEMENT; AND PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES OF THE HOLDERS <br />OF SAID BONDS. - [7/29/86] COUNCILMEMBER WILLIAMS SECONDED THE MOTION. THE <br />MOTION PASSED 4-0. <br /> <br />COUNCILMEMBER GUNKEL MOVED TO ADJOURN THE MEETING. COUNCILMEMBER WILLIAMS <br />SECONDED THE MOTION. THE MOTION PASSED 4-0. <br /> <br />There being no further business, the meeting was adjourned at 6:37 p.m. <br /> <br />Respectfully submitted, <br /> <br />q/~ <br /> <br />Pat Klaers <br />City Administrator <br />