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<br />.
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<br />E. WHEREAS, the City Council deems it desirable and in the best interests of the
<br />City to issue $1,660,000 General Obligation Sewer Revenue Refunding Bonds, Series 2005B
<br />(the "Bonds"), pursuant to Minnesota Statutes, Chapter 475.67, subdivision 13, to provide funds
<br />for a crossover refunding, on February 1, 2006 (the "Refunding"), of the callable Prior Bonds
<br />which mature on and after February 1, 2007 (the "Refunded Bonds"), in accordance with the
<br />Prior Resolution; and
<br />
<br />F. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville,
<br />Minnesota ("Ehlers"), as its independent financial advisor for the sale of the Bonds and was
<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 Ehlers; and
<br />
<br />G. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
<br />by the Administrator, or designee, at the offices of Ehlers at 10:00 a.m. this same day pursuant to
<br />the Terms of Proposal established for the Bonds; and
<br />
<br />H. WHEREAS, it is in the best interests of the City that the Bonds be issued in book-
<br />entry form as hereinafter provided; and
<br />
<br />NOW, THEREFORE, BE IT RESOL YED by the City Council of the City of Elk River,
<br />Minnesota, as follows:
<br />
<br />1. Acceptance of Offer. The offer of Piper Jaffray & Co., in Minneapolis,
<br />Minnesota (the "Purchaser"), to purchase $1,660,000 General Obligation Sewer Revenue
<br />Refunding Bonds, Series 2005B (the "Bonds" or individually a "Bond"), at the rates of interest
<br />hereinafter set forth, and to pay therefor the sum of$I,663,108.08, plus any interest accrued to
<br />settlement, is hereby accepted.
<br />
<br />2. Bond Terms.
<br />
<br />(a) Original Issue Date: Denominations: Maturities: Term Bond Option. The Bonds
<br />shall be dated June 14,2005, as the date of original issue, shall be issued forthwith on or after
<br />such date in fully registered form, shall be numbered from R-l upward in the denomination of
<br />$5,000 each or in any integral multiple thereof of a single maturity (the "Authorized
<br />Denominations") and shall mature on February 1 in the years and amounts as follows:
<br />
<br />Year Amount Year Amount
<br />2007 $140,000 2012 $170,000
<br />2008 145,000 2013 175,000
<br />2009 150,000 2014 180,000
<br />2010 160,000 2015 185,000
<br />2011 160,000 2016 195,000
<br />
<br />As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory
<br />sinking fund redemption and final maturity amounts conforming to the foregoing principal
<br />
<br />1768593vl
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