5.1 ERMUSR 05-11-2021 - Laserfiche WebLink

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____________________________ * Preliminary; subject to change. - 1 - OFFICIAL STATEMENT $1,750,000* CITY OF ELK RIVER, MINNESOTA GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, SERIES 2021C (BOOK ENTRY ONLY) INTRODUCTORY STATEMENT General This Official Statement contains certain information relating to the City of Elk River, Minnesota (the “City”) and its issuance of $1,750,000* General Obligation Water Utility Revenue Bonds, Series 2021C (the “Series 2021C Bonds”). The Series 2021C Bonds are general obligations of the City for which it pledges its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will pledge the net revenues of the City's Water Utility Fund. Inquiries may be directed to Ms. Lori Ziemer, Finance Director, City of Elk River, 13065 Orono Parkway, Elk River, Minnesota 55330-0490, by telephoning (763) 635-1022, or by emailing lziemer@elkrivermn.gov. Inquiries may also be made to Baker Tilly Municipal Advisors, LLC, 380 Jackson Street, Suite 300, Saint Paul, Minnesota 55101-2887, by telephoning (651) 223-3000, or by emailing bondservice@bakertilly.com. Potential Impacts Resulting from Coronavirus (COVID-19) On March 11, 2020, the World Health Organization proclaimed the Coronavirus (COVID-19) to be a pandemic. In an effort to lessen the risk of transmission of COVID-19, the United States government, state governments, local governments and private industries have taken measures to limit social interactions in an effort to limit the spread of COVID-19, affecting business activities and impacting global, state and local commerce and financial markets. The emergence of COVID-19 and the spread thereof is an emerging and evolving issue. As the federal, state, and local governments, including the City, continue efforts to contain and limit the spread COVID-19 disease, future tax and other revenue collections may deviate from historical or anticipated collections and may have an adverse impact on the financial position and operations of the City and its ability to fund debt obligations, including the Series 2021C Bonds in accordance with its terms. The City is not able to predict and makes no representations as to the economic impact of the COVID-19 pandemic on the City or its financial position. CONTINUING DISCLOSURE In order to assist the Underwriter in complying with SEC Rule 15c2-12 (the “Rule”), pursuant to the Award Resolutions and Continuing Disclosure Certificate to be executed on behalf of the City on or before closing, the City has and will covenant (the “Undertaking”) for the benefit of holders or beneficial owners of the Series 2021C Bonds to provide certain financial information and operating data relating to the City to the Municipal Securities Rulemaking Board annually, and to provide notices of the occurrence of certain events enumerated in the Rule to the Municipal Securities Rulemaking Board and to any state information depository. The specific nature of the Undertaking, as well as the information to be contained in the annual report or the notices of material events, is set forth in the Undertaking in substantially the form attached hereto as Appendix II, subject to such modifications thereof or additions thereto as: (i) consistent with requirements under the Rule, (ii) required by the purchaser of the Series 2021C Bonds from the City, and (iii) acceptable to the Mayor and City Clerk of the City. 110