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UTILITIES COMMISSION MEETING <br />TO:FROM: <br />ERMU Commission Melissa Karpinski –Finance Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />April13, 2021 5.3 <br />SUBJECT: <br />Bond Sale Resolution <br />ACTION REQUESTED: <br />Adopt, by motion, Resolution No. 21-9 providing for the competitive negotiated sale of <br />$1,750,000 General Obligation Water Utility Revenue Bonds, Series 2021C, and request that the <br />City Council approve the issuance of the bonds and delegate to the Commission the authority <br />to award the 2021C Water 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 Tillyhas provided information on the 2021C bonding for $1.75million. <br /> <br />Given the City of Elk River is the qualified entity to issue bonds, the resolution must be <br />approved by both the Utility Commission and the City Council for the bond sale to proceed. <br />The necessary resolutions for the Utility Commission to act upon in order to authorize the sale <br />of thebond issue are attached for your review. Successful action from the Utility at the April13, <br />2021 meeting would bring it before the City Council on April 19, 2021 for action. <br /> <br />The award of the bonds by the Utility Commission would come back during the commission <br />meeting to be held on May 11, at 3:30 p.m. <br /> <br />FINANCIAL IMPACT: <br /> <br />Bond payments will include interest and be due February 1and August 1 of 2022until 2041. <br /> <br />ATTACHMENTS: <br /> Baker Tilly Pre-Sale Summary for Issuance of Bonds 2021C Bonds <br /> Resolution No. 21-9 Providing for the Competitive Negotiated Sale of $1,750,000 <br />General Obligation Water Utility Revenue Bonds, Series 2021C <br /> <br />______________________________________________________________________________ <br />Page 1 of 1 <br />417 <br />