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Councilmember Farber then introduced the following Resolution and moved its <br /> <br />adoption: <br /> <br />RESOLUTION NO. 98-131 <br /> <br /> RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$820,000 GENERAL OBLIGATION WATER REVENUE <br />BONDS, SERIES 1998B <br /> <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />1. Recitals. It is hereby determined: <br /> <br /> (a) That the improvements (the "Improvements") to the City's municipal water <br />system described in the Council's resolution of November 9, 1998, relating to these <br />Bonds have been duly ordered by the City and have been constructed by the City or will <br />be constructed under contracts which the City has or will let therefor, all pursuant to and <br />in accordance with the applicable provisions of Minnesota Statutes, Section 444.075. <br /> <br /> (b) That is it necessary and expedient to the sound financial management of <br />the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, <br />Chapter 475 and Section 444.075, to provide financing for the Improvements. <br /> <br /> (c) The Council desires that the Bonds be issued initially in "Book Entry Only <br />Form" (as hereinafter described). <br /> <br />2. Acceptance of Offer; Book Entry Bonds. <br /> <br /> (a) The offer of (the "Purchaser") to <br />purchase the City's $820,000 General Obligation Water Revenue Bonds, Series 1998B <br />(the "Bonds"), at the rates of interest and upon the other terms set forth in this Resolution, <br />and to pay therefor the sum of $ plus interest accrued to settlement, <br />is hereby accepted. <br /> <br /> (b) Book Entry Only System. The Depository Trust Company, a limited purpose <br />trust company organized under the laws of the State of New York, or any of its <br />successors to its functions hereunder (the "Depository"), will act as securities depository <br />for the Bonds, and to this end: <br /> <br /> (i) The Bonds shall be initially issued and, so long as they remain in book <br />entry form only (the "Book Entry Only Period"), shall at all times be in the form <br /> <br />998543.1 <br /> <br />2 <br /> <br /> <br />