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result in the reduction of debt service cost to the <br /> City. <br /> (d) It is necessary and expedient to issue the <br /> City's General Obligation Improvement Refunding <br /> Bonds, Series 1999B (the ,,Bonds"), to provide moneys <br /> for a refunding of the Prior Bonds. <br /> (e) The City has retained Springsted <br /> incorporated, in Saint Paul, Minnesota, as its <br /> independent financial advisor for the Bonds and is <br /> therefore authorized to sell the Bonds by a <br /> competitive negotiated sale in accordance with <br /> Minnesota Statutes, Section 475.60, Subdivision <br /> 2(9) . <br /> (f) It is necessary and desirable to the sound <br /> financial management of the affairs of the City that <br /> the City issue the Bonds pursuant to Minnesota <br /> Statutes, Section 475.67, in order to provide <br /> financing for the refunding described above, and the <br /> Council hereby states its intention to authorize and <br /> issue the Bonds accordingly. <br /> 2. The terms and conditions of the Bonds and the sale <br />thereof are set forth in the ,,Terms of Proposal" attached. <br />hereto, and the Council shall meet at the time and place <br />specified therein for the purposes of opening and considering <br />sealed bids for the purchase of the Bonds and considering the <br />award of sale of the Bonds. <br /> Adopted on September 13, 1999, by the Elk River City <br />Council. <br /> The motion for the adoption of the foregoing resolution was <br /> duly seconded by Councilmember Thompson and upon a vote <br /> being taken thereon, the following Councilmembers voted in favor <br /> thereof: All <br /> <br />and the following voted against the same: None <br /> <br /> Whereupon said resolution was declared duly passed and <br />adopted. <br /> <br />1080175.1 <br /> <br /> <br />