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Resolution No. 21-12 <br /> AWARDING THE SALE OF $1,615,000 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 /> BE IT RESOLVED By the Elk River Municipal Utilities Commission (the <br /> "Commission"): <br /> Section 1. Background. <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 /> 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 2021 C, in the <br /> principal amount of$1,615,000 (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 /> 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 /> Section 2. Sale of Bonds. <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 /> 2.02. Award to the Purchaser and Interest Rates. The proposal of Robert W. Baird & <br /> Co., Incorporated, Milwaukee, Wisconsin (the "Purchaser") to purchase the Bonds is hereby <br /> found and determined to be a reasonable offer and is hereby accepted, the proposal being to <br /> purchase the Bonds at a price of $1,721,636.76 (par amount of $1,615,000, plus net original <br /> issue premium of$133,572.65, less underwriter's discount of$26,935.89), plus accrued interest <br /> to date of delivery, if any, for Bonds bearing interest as follows: <br /> EL185-69-713323 v2 2 <br />