07-054 RES - Laserfiche WebLink

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e E. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Elk River, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of Wells Fargo Brokerage Services. LLC. Minneapolis. Minnnesota (the "Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of $3.088.1 18.90, plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The Finance Director is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders their good faith checks or drafts. 2. Bond Terms. (a) Original Issue Date; Denominations: Maturities; Term Bond Option. The Bonds shall be dated June 26, 2007, as the date of original issue, shall be issued forthwith on or after such date in fully registered form, shall be numbered from R-I upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations") and shall mature on February I in the years and amounts as follows: Year Amount Year Amount e 2009 $310,000 2014 $305,000 2010 310,000 2015 305,000 2011 310,000 2016 310,000 2012 310,000 2017 310,000 2013 310,000 2018 310,000 As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). (b) Book Entrv Onlv Svstem. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder (the "Depository") will act as securities depository for the Bonds, and to this end: e (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under paragraphs 5 and 10 Authorized Denominations for any Bond shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that Bond. 2026828v I 2