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<br />EL185-69-713323.v1 2 <br /> <br />Resolution No. 21-12 <br /> <br />AWARDING THE SALE OF $1,750,000 GENERAL OBLIGATION WATER <br />UTILITY REVENUE BONDS, SERIES 2021C FIXING THEIR FORM AND <br />SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT. <br /> <br /> <br /> BE IT RESOLVED By the Elk River Municipal Utilities Commission (the <br />“Commission”): <br /> <br /> Section 1. Background. <br /> <br />1.01 The City of Elk River, Minnesota (the “City”) is authorized by Minnesota <br />Statutes, Chapters 444 and 475, as amended (the “Act”), to finance the construction of a field <br />house facility to house service trucks, inventory, and offices of the Elk River Municipal Utilities <br />(the “Utility Improvements”) by the issuance of General Obligation Water Utility Revenue <br />Bonds of the City payable from the net revenues of the water utility system of the Commission. <br /> <br />1.02 The City is authorized by law to borrow money necessary to finance the Utility <br />Improvements and to pay the related financing costs. It is necessary and expedient for the City <br />forthwith to issue its General Obligation Water Utility Revenue Bonds, Series 2021C, in the <br />principal amount of $1,750,000 (the “Bonds”). All costs of the Utility Improvements in excess <br />of the proceeds of the Bonds available for payment of such costs shall be paid from any other <br />funds legally available to the Commission for such purpose. <br /> <br />1.03 The City and the Commission have retained Baker Tilly Municipal Advisors, <br />LLC (“Baker Tilly”), as its independent municipal advisor for the sale of the Bonds and are <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 Baker Tilly. <br /> <br />Section 2. Sale of Bonds. <br /> <br />2.01 Authorization. It is hereby determined that it is necessary to provide financing for <br />the Utility Improvements and to finance those Utility Improvements through the issuance of the <br />Bonds. <br /> <br /> 2.02. Award to the Purchaser and Interest Rates. The proposal of <br />_____________________, __________, __________ (the “Purchaser”) to purchase the Bonds is <br />hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being <br />to purchase the Bonds at a price of $__________ (par amount of $1,750,000, plus original issue <br />premium of $__________, less underwriter’s discount of $__________), plus accrued interest to <br />date of delivery, if any, for Bonds bearing interest as follows: <br /> <br />199