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Councilmember Scheel then introduced the <br />following Resolution and moved its adoption: Councilmember Farber <br /> seconded the motion. <br /> RESOLUTION NO. 33 <br /> <br /> RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$500,000 GENERAI~ OBLIGA.TION IMPROVEMENT <br />BONDS, SERIES 1996B <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 />!. Recitals. It is hereby determined: <br /> <br /> (a) That the following assessable public improvements <br />(the "Improvements") have been duly ordered by the City and <br />have been constructed by the City or will be constructed <br />under contracts which the City has or will let therefor, all <br />pursuant to and in accordance with the applicable provisions <br />of Minnesota Statutes, Chapter 429: <br /> <br />Hillside Crossing II Project (including <br />street and utility improvements): <br /> <br />Project Costs <br />Less Prepaid Specials <br />Capitalized Interest <br />Costs of Issuance <br />Allowance for Discount <br />Less Investment Earnings <br /> <br />$596,000 <br />(150,000) <br /> 39,500 <br /> 12,285 <br /> 6,000 <br /> (3,785) <br /> <br />Net Bond Issue <br /> <br />$500,000 <br /> <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, <br />Chapters 429 and 475, to provide financing for the <br />Improvements. <br /> <br /> (c) The Improvements and all their components have <br />been 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 the Improvements and all their components by <br />general nature, estimated cost, and area to be assessed. <br /> <br /> (d) The Council desires that the Bonds be issued <br />initially in "Book Entry 0nly Form" (as hereinafter <br />described). <br /> <br />321094.2 <br /> <br /> <br />