7.3. SR 04-06-2009 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: April 6, 2009 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Elk River, Minnesota, was duly called and held at the City Hall in said City on Apri16, 2009, at o'clock P.M. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION 09- REQUESTING ACTION OF THE BOARD OF COMMISSIONERS OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY, MINNESOTA CALLING FOR REDEMPTION OF CERTAIN OUTSTANDING BONDS BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the "City"), as follows: A. WHEREAS, the Board of Commissioners of the Elk River Economic Development Authority, Minnesota (the "Authority") issued on behalf of the City $2,290,000 City Hall and Law Enforcement Facility Revenue Refunding Bonds, (City of Elk River, Lease Purchase Obligation), Series 1997 dated December 1, 1997 (the "Bonds"), of which $410,000 remain outstanding; and B. WHEREAS, all of the said Bonds maturing in the years 2010 and thereafter, are subject to redemption and prepayment at the option of the Authority on any date, at par and accrued interest; and C. WHEREAS, on April 13, 2009, the Authority will consider a resolution calling for the redemption of the 2010 and 2011 maturities of the Bonds, inclusive, totaling $410,000 in principal amount, on or about June 1, 2009; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the "City"), as follows: 1. The City Council hereby approves the redemption and prepayment of the Bonds by the Authority maturing in the years 2010 and 2011, inclusive, on or about June 1, 2009 at par and accrued interest for each such Bond called. 2321143v1