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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Administration Februa 20,2007 <br />Item Description <br />Consider resolution providing for the sale of $2,875,000 Electric <br />Revenue Bonds, Series 2007 A <br /> <br />Item Number <br />5.2. <br />Prepared by <br />Tim Simon, Finance Director <br />Reviewed by <br />Lori Johnson, City Administrator <br /> <br />Introduction <br />The Elk River Municipal Utilities Commission has requested that the city issue Electric Revenue Bonds <br />of $2,875,000 for a new substation and feeders for the City's municipal electric utility. <br /> <br />Discussion <br />The Elk River Municipal Utilities Commission will meet at 4:00 p.m. on February 20 to approve the <br />resolution providing for the sale of these bonds. On March 5, 2007, representatives from Ehlers and <br />Associates will be at the Council meeting to present the results of the sale. <br /> <br />Financial Impact <br /> <br />These bonds will be repaid with revenues from the electric utility. <br /> <br />Attachments <br />. Resolution 07- _ Concurring in the Action of the Board of Commissioners of the Public <br />Utilities Commission of the City of Elk River, Minnesota, in providing for the Sale of $2,875,000 <br />Electric Revenue Bonds, Series 2007 A. <br /> <br />Action Requested <br />It is requested that the Mayor and City Council adopt resolution 07-_Concurring in the Action of the <br />Board of Commissioners of the Public Utilities Commission of the City of Elk River, Minnesota, in <br />providing for the Sale of $2,875,000 Electric Revenue Bonds, Series 2007A. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />C: \Documents and Settings \jjohnson \Local Settings \ Temporary Internet Files \ OLK49\2007 AElectricRevenueBonds.doc <br />