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Councilmember Motin then introduced the <br />following Resolution and moved its adoption: <br /> RESOLUTION NO. 99-50 <br /> <br /> RESOLUTION PROVIDING FOR THE <br /> ISSUANCE AND SALE OF THE CITY'S <br /> $5,725,000 GENERAL OBLIGATION IMPROVEMENT <br /> BONDS, SERIES 1999A <br /> <br /> BE IT RESOLVED by the City Council (the ,,Council") of <br />the City of Elk River, Minnesota (the "City"), as follows: <br /> <br /> 1. Recitals. It is hereby determined: <br /> (a) That the assessable and other public improvements <br /> (the ,,Improvements") described in the attached Exhibit B <br /> have been or will be duly ordered by the City and have been <br /> constructed by the City or will be constructed under <br /> contracts which the City has or will let therefor, all <br /> pursuant to and in accordance with the applicable provisions <br /> of Minnesota Statutes, Section 444.075 and Chapters 429 and <br /> 469. <br /> (b) That is it necessary and expedient to the sound <br /> financial management of the affairs of the City that the <br /> City issue its bonds pursuant to Minnesota Statutes, Section <br /> 444.075 and Chapters 429, 469 and 475, to provide financing <br /> for the Improvements. <br /> (c) Those Improvements being undertaken by the City <br /> pursuant to Minnesota Statutes, Chapter 429 (the ,,Chapter <br /> 429 Improvements"), and all their components have been <br /> ordered on or prior to the date hereof, after a hearing <br /> thereon (except where not required by law) for which mailed <br /> and published notice was duly given as required by law <br /> describing said Improvements and all their components by <br /> general nature, estimated cost, and area to be assessed. <br /> (d) The Council desires that the Bonds be issued <br /> initially in "Book Entry Only Form" (as hereinafter <br /> described). <br /> 2. Acceptance of offer; Book Entry Bonds. <br /> (a) The offer of U.S. Bancorp Piper Jaffray Inc. (the <br /> ,,Purchaser") to purchase the City's $5,725,000 General <br /> Obligation Bonds, Series 1999A (the "Bonds"), at the rates <br /> of interest and upon the other terms set forth in this <br /> Resolution, and to pay therefor the sum of <br /> $ 5,639,834.85 plus interest accrued to settlement, is <br /> hereby accepted. <br /> <br />1045757.1 <br /> <br />2 <br /> <br /> <br />