5.5. SR 06-03-1996 - Laserfiche WebLink

Home Browse Search

then introduced the following Resolution and moved its adoption: RESOLUTION NO. RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF THE CITY'S $500,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1996B. BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Recitals. It is hereby determined: (a) That the following assessable public improvements (the "Improvements") have been duly ordered by the City and have been constructed by the City or will be constructed under contracts which the City has or will let therefor, all pursuant to and in accordance with the applicable provisions of Minnesota Statutes, Chapter 429: Hillside Crossing II Project (including street and utility improvements): Project Costs Less Prepaid Specials Capitalized Interest Costs of Issuance Allowance for Discount Less Investment Earnings $596,000 (150,000) 39,500 12,285 6,000 (3,785) Net Bond Issue $500,000 (b) That is it necessary and expedient to the sound financial management of the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, Chapters 429 and 475, to provide financing for the Improvements. (c) The Improvements and all their components have been ordered on or prior to the date hereof, after a hearing thereon (except where not required by law) for which mailed and published notice was duly given as required by law describing the Improvements and all their components by general nature, estimated cost, and area to be assessed. (d) The Council desires that the Bonds be issued initially in "Book Entry Only Form" (as hereinafter described). 321094.2 2