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"Refunded Bonds"), is consistent with covenants made with the holders thereof, and is necessary
<br />and desirable for the reduction of debt service cost to the City; and
<br />E. WHEREAS, the City Council has heretofore determined and declared that it is
<br />necessary and expedient to issue $3,045,000 General Obligation Water Revenue Refunding
<br />Bonds, Series 2008A (the "Bonds" or individually, a "Bond"), pursuant to Minnesota Statutes,
<br />Chapter 475, to provide moneys for a current refunding of the Refunded 1998 Bonds and a
<br />crossover advance refunding of the Refunded 2001 Bonds; and
<br />F. WHEREAS, the City owns and operates the municipal water system (the
<br />"System") as a separate revenue producing public utility and there are outstanding, in addition to
<br />the $445,000 aggregate principal amount of the Prior 2001 Bonds maturing prior to the
<br />Crossover Date, $1,995,000 original principal amount of General Obligation Water Revenue
<br />Bonds, Series 2003B, dated December 9, 2003, which constitute a prior lien upon the net
<br />revenues of the System (together, the "Outstanding Bonds"); and
<br />G. WHEREAS, the City has retained Ehlers and Associates, Inc., in Roseville,
<br />Minnesota ("Ehlers"), as its independent financial advisor for the sale of the Bonds and was
<br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
<br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been
<br />solicited by Ehlers; and
<br />H. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
<br />by the Administrator, or designee, at the offices of Ehlers at 11:00 a.m. this same day pursuant to
<br />the Terms of Proposal established for the Bonds; and
<br />I. WHEREAS, it is in the best interests of the City that the Bonds be issued in book-
<br />entry form as hereinafter provided; and
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Elk River,
<br />Minnesota, as follows:
<br />1. Acceptance of Offer. The proposal of
<br />(the "Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal, at the rates
<br />of interest hereinafter set forth, and to pay therefor the sum of $ ,plus interest
<br />accrued to settlement, is hereby found, determined and declared to be the most favorable
<br />proposal received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser.
<br />The City Administrator is directed to retain the deposit of the Purchaser and to forthwith return
<br />to the unsuccessful bidders their good faith checks or drafts.
<br />2. Bond Terms.
<br />(a) Original Issue Date; Denominations; Maturities. The Bonds shall dated February
<br />20, 2008, as the date of original issue, shall be issued forthwith on or after such date in fully
<br />registered form, shall be numbered from R-1 upward in the denomination of $5,000 each or in
<br />any integral multiple thereof of a single maturity (the "Authorized Denominations") and shall
<br />mature on February 1 in the years and amounts as follows:
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