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then introduced the following <br />Resolution and moved its adoption: <br /> <br />RESOLUTION NO. <br /> <br /> RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$2,655,000 GENERAL OBLIGATION SEWER REVENUE <br />BONDS, SERIES 1996A <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 /> <br /> (a) That the improvements (the "Improvements,,) to the <br />City's wastewater system and utility have been duly ordered <br />by the City and have been constructed by the City or will be <br />constructed under contracts which the City has or will let <br />therefor, all pursuant to and in accordance with the <br />applicable provisions of Minnesota Statutes, Section <br />444.075: <br /> <br />Wastewater Treatment Plant Construction: <br /> <br />Construction Costs <br />Engineering <br />Contingency <br />Less City Cash Contribution <br />Costs of Issuance <br />Allowance for Discount <br />Less Investment Earnings <br /> <br />$3,293,000 <br /> 197,000 <br /> 100,000 <br />(1,000,000) <br /> 27,434 <br /> 39,825 <br /> (2,259) <br /> <br />Net Bond Issue <br /> <br />$2,655,000 <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, Chapter <br />475 and Section 444.075, to provide financing for the <br />Improvements. <br /> <br /> (c) The Council desires that the Bonds be issued <br />initially in "Book Entry Only Form" (as hereinafter <br />described). <br /> <br />321121.1 2 <br /> <br /> <br />