5.3.A & B SR 10-15-2007 - Laserfiche WebLink

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EXTR.~CT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: October 15, 2007 Pursuant to due call and notice thereof, a regular ox special meeting of the City Council of the City of Elk River, Minnesota, was duly held at the City Hall on October 15, 2007, at 6:30 P.M. The following members were present and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION 07- RESOLUTION AUTHORIZING A CONTINUING DISCLOSURE UNDERTAKING WITH REGARD TO THE ISSUANCE OF $10,000,000 GENERAL OBLIGATION BONDS, SERIES 2007 OF THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA A. WHEREAS, the Economic Development Authority for the City of Elk River, Minnesota, a body corporate and politic (the "Authority"), will provide fox the acquisition and betterment of a recreational facility (the "Project") to be leased to the YMCA; and B. WHEREAS, at the request of the Authority, on October 1 S, 2007, the Council adopted and approved Ordinance No. _ (the "Ordinance"), authorizing the issuance of general obligation bonds of the City by the Authority in an aggregate principal amount not exceeding $10,000,000. The Ordinance was duly adopted, after following all applicable procedures in relation to its approval pxescxibed by the laws of the State of Minnesota. The Ordinance has not been repealed, suspended ox amended and remains in full force and effect on the date hereof. In order to finance the Project, the Authority will issue its $10,000,000 aggregate principal amount of General Obligation Bonds, Series 2007, dated November 8, 2007 (the "Bonds"), pursuant to a resolution adopted by the Board of Commissioners of the Authority on October 15, 2007 (the "Resolution"); and the Bonds axe hereby found and determined by the Council to be within the authorization and limits pxescxibed by the Ordinance. C. WFIEREAS, the Authority is the issuer of the Bonds, however, the City is an obligated person under the provisions of Rule 15c2-12 (the "Rule") promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended, and the City is therefore subject to continuing disdosuxe requirements under the Rule and accordingly, the City hereby agrees to enter into a Continuing Disclosure Undertaking (the "Continuing Disclosure Undertaking"). NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: