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EOty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 8.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business July 16, 2018 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> Resolution: Issuance of$10,000,000 Electric Cal Portner, City Administrator <br /> Revenue Bonds, Series 2018A Reviewed by <br /> Action Requested <br /> Adopt,by motion, a resolution for the issuance of Electric Revenue Bonds and authorize certain other <br /> actions to be taken by the Elk River Municipal Utilities Commission with respect to the issuance of <br /> Electric Revenue Bonds, Series 2018A. <br /> Background/Discussion <br /> Elk River Municipal Utilities has been working with their financial advisor, Springsted,in recommending <br /> the issuance of$10,000,000 Electric Revenue Bonds, Series 2018A, to finance the final buy-in payment to <br /> Minnesota Municipal Power Agency. <br /> The City of Elk River is the qualified entity to issue the bonds and on July 10, 2018, the Elk River <br /> Municipal Utilities Commission adopted their resolution requesting the City Council adopt the resolution <br /> approving the issuance of the bonds. <br /> Financial Impact <br /> The bonds are not general obligations of the city but will be special limited obligations payable solely <br /> from the electric utility system. <br /> Attachments <br /> ■ Springsted's Recommendations for Issuance of Bonds <br /> ■ Resolution for Series 2018A <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />