Laserfiche WebLink
<br />E. WHEREAS, the City Council deems it desirable and in the best interests of the <br />City to issue $1,695,000 General Obligation Sewer Revenue Refunding Bonds, Series 2005B <br />(the "Bonds"), pursuant to Minnesota Statutes, Chapter 475.67, subdivision 13, to provide funds <br />for a crossover refunding, on February 1,2006 (the "Refunding"), of the callable Prior Bonds <br />which mature on and after February 1,2007 (the "Refunded Bonds"), in accordance with the <br />Prior Resolution; and <br /> <br />F. WHEREAS, the City has retained EWers & Associates, Inc., in Roseville, <br />Minnesota ("EWers"), as its independent financial advisor for the sale of the Bonds and was <br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota <br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been <br />solicited by EWers; and <br /> <br />G. WHEREAS, the proposals set forth on Exhibit A attached hereto were received <br />by the Administrator, or designee, at the offices of Ehlers at 10:00 a.m. this same day pursuant to <br />the Terms of Proposal established for the Bonds; and <br /> <br />H. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- <br />entry form as hereinafter provided; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: <br /> <br />1. Acceptance of Offer. The offer of (the <br />"Purchaser"), to purchase $1,695,000 General Obligation Sewer Revenue Refunding Bonds, <br />Series 2005B (the "Bonds" or individually a "Bond"), at the rates of interest hereinafter set forth, <br />and to pay therefor the sum of $ , plus any interest accrued to settlement, is <br />hereby accepted. <br /> <br />2. Bond Terms. <br /> <br />(a) Original Issue Date~ Denominations~ Maturities~ Term Bond Option. The Bonds <br />shall be dated June 14,2005, as the date of original issue, shall be issued forthwith on or after <br />such date in fully registered form, shall be numbered from R-l upward in the denomination of <br />$5,000 each or in any integral multiple thereof of a single maturity (the "Authorized <br />Denominations") and shall mature on February 1 in the years and amounts as follows: <br /> <br />Year Amount Year Amount <br />2007 $ 2012 $ <br />2008 2013 <br />2009 2014 <br />2010 2015 <br />2011 2016 <br /> <br />As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory <br />sinking fund redemption and final maturity amounts conforming to the foregoing principal <br /> <br />1 768593vl <br /> <br />2 <br />