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UTILITIES COMMISSION MEETING <br />TO:FROM: <br />ERMU Commission Melissa Karpinski –Finance Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />March 9, 2021 5.3 <br />SUBJECT: <br />Bond Sale Resolution <br />ACTION REQUESTED: <br />Adopt, by motion, Resolution No. 21-2 providing for the competitive negotiated sale of <br />$14,460,000 Electric Revenue Bonds, Series 2021B, and request that the City Council approve <br />the issuance of the bonds and delegate to the Commission the authority to award the 2021B <br />Electric Bonds, per the attached resolution. <br />BACKGROUND: <br />To finance the expansion of the field services facility, we have been working with our financial <br />consultants, Baker Tilly Municipal Advisors, LLC., to bring the sale information to the <br />Commission. <br /> <br />DISCUSSION: <br />Baker Tilly has provided information on the 2021B bonding for $14.46 million. <br /> <br />Given the City of Elk River is the qualified entity to issue bonds, the resolution must be <br />approved by the City Council to be effective. Wehave the necessary resolutions for the Utility <br />Commission and City Council to act upon in order to authorize the sale of the bond issues. <br />Successful action from the Utility at the March 9, 2021 meeting would bring it before the City <br />Council on March 15, 2021 for action. The resolutions are attached for your review. <br /> <br />The award of the bonds by the Utility Commission would come back during the commission <br />meeting to be held on April13, at 3:30 p.m. <br /> <br />FINANCIAL IMPACT: <br /> <br />Bond payments will include interest and be due February 1and August 1 of 2022 until 2051. <br />ATTACHMENTS: <br /> Baker TillyPre-Sale Summary for Issuance of Bonds 2021B Bonds <br /> Resolution No. 21-2 Providingfor the Competitive Negotiated Sale of $14,460,000 <br />Electric Revenue Bonds, Series 2021B <br /> Resolution for City Setting Sale 2021B Bonds <br /> <br />______________________________________________________________________________ <br />Page 1 of 1 <br />328 <br />