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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 8.1 <br />Agenda Section Meeting Date Prepared by <br />General Business March 15, 2021 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Approve Issuance of General Obligation Cal Portner, City Administrator <br />Capital Improvement Plan and Equipment <br />Reviewed by <br />Bonds, Series 2021A and Electric Revenue <br /> <br />Bonds, Series 2021B <br /> <br />Action Requested <br />Adopt, by motion, the following resolutions: <br /> Resolution Providing for the Competitive Negotiated Sale of $5,225,000 General Obligation Capital <br />Improvement Plan and Equipment Bonds, Series 2021A <br /> Resolution Approving the Issuance of $14,460,000 Electric Revenue Bonds, Series 2021B <br /> <br />Background/Discussion <br />The city and Elk River Municipal Utilities (ERMU) have been working with our financial advisor, Baker Tilly, for <br />the issuance of $5,225,000 General Obligation Capital Improvement and Equipment Bonds, Series 2021A and <br />$14,460,000 Electric Revenue Bonds, Series 2021B. <br /> <br />The General Obligation Capital Improvement Plan and Equipment Bonds, Series 2021A, will finance the <br />remaining portion for the construction of Fire Station #3 and the purchase of fire trucks and other equipment. <br />The Electric Revenue Bonds, Series 2021B will finance the expansion of the Utilities’ field services facility. <br /> <br />The city is the qualified entity to issue the bonds and on March 9, 2021, the ERMU Commission adopted their <br />resolution requesting the Council adopt the resolution approve the issues of the Electric Revenue Bonds. <br /> <br />Financial Impact <br />The General Obligation Bonds are a general obligation of the city payable by a tax levy or other sources. The <br />Electric Revenue bonds are not a general obligation of the city but will be a special limited obligation payable <br />solely from the electric utility system. <br /> <br />Mission/Policy/Goal <br />Develop a sustainable and prosperous community that reflects the culture of citizens and what is important to the <br />majority. <br /> <br />Attachments <br /> Pre-Sale Summary for Issuance of Bonds, Series 2021A <br /> Pre-Sale Summary for Issuance of Bonds, Series 2021B <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br /> <br />