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Councilmember Father then introduced the following Resolution and moved its adoption: RESOLUTION NO. 00-93 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF THE CITY'S $900,000 GENEP~AL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2000C WHEREAS, the City has received bids for the purchase of its General Obligation Improvement Refunding Bonds, Series 2000C. NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Findings. It is hereby determined: (a) The City issued its $2,350,000 General Obligation Improvement Bonds, Series 1992A, dated June 1, 1992 (the "Prior Bonds"), to finance assessable public improvements (the "Improvements") in the City. (b) The Council believes it to be in the City's best interest to consider a refunding of the Prior Bonds. (c) The Prior Bonds are subject to prepayment on February 1, 2001, at the option of the City at the redemption price of par plus accrued interest. (d) The refunding of the Prior Bonds which mature after February 1, 2001, is consistent with covenants made with the holders thereof and is necessary and desirable for and will result in the reduction of debt service cost to the City. (e) It is necessary and expedient to issue the City's $900,000 General Obligation Improvement Refunding Bonds, Series 2000C (the "Bonds"), to provide (together with other available funds of the City to be used for such purposes) moneys for a current refunding of the $1,075,000 of the principal of the Prior Bonds maturing after February 1, 2001 (which Prior Bonds are sometimes referred to herein as the "Refunded Bonds"). The necessary amount of the Bonds is determined as follows: Prior Bonds Refunded Bond Discount Allowance Issuance Expenses Less Other Available Funds Net Bond Issue $1,075,000 9,900 10,550 (195,450) $ 900,000 1218477.1