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e Councilmember Farber then introduced the following Resolution and moved~its adoption: RESOLUTION NO. 94-57 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF THE CITY'S $1,080,000 GENERAL OBLIGATION STORM SEWER REVENUE BONDS, SERIES 1994C BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Recitals. It is hereby determined: (a) That the public storm sewer improvements (the "Improvements") described in the Council's May 2, 1994, resolution relating to these Bonds have been duly ordered by the City and have been constructed by the City or will be constructed under contracts which the City has or will let therefor, all pursuant to and in accordance with Minnesota Statutes, Section 444.075. e (b) That is it necessary and expedient to the sound financial management of the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, Section 444.075 and Chapter 475, to provide financing for the Improvements. 2. Acceptance of Offer. The offer of (the "Purchaser") to purchase the City's $1,080,000 General Obligation Storm Sewer Revenue Bonds, Series 1994C (the "Bonds"), at the rates of interest and upon the other terms set forth in this Resolution, and to pay therefor the sum of $ plus interest accrued to settlement, is hereby accepted. 3. Title: Original Issue Date: Denominations: Maturities. The Bonds shall be titled "General Obligation storm Sewer Revenue Bonds, Series 1994C," shall be dated June 1, 1994, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity. The Bonds shall mature on December 1 in the years and amounts as follows: e 264048.1 2