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RESOLUTION NO. <br /> <br /> Resolution Providing for the Sale of <br />$3,590,000 G.O. Water Revenue Bonds, Series 2001A <br /> <br /> BE IT RESOLVED by the City Council (the "City Council") of the City of Elk River, Minnesota (the <br />"City") as follows: <br /> <br />1. Background <br /> <br /> l. 1. The Elk River Municipal Utilities has heretofore determined that it is necessary and expedient to <br /> undertake improvements to the municipal water system including storage, well and treatment <br /> facilities and has requested the City to issue $3,590,000 G.O. Water Revenue Bonds, Series 200lA <br /> (the "Bonds"), to finance said improvements. <br /> <br /> 1.2. The City has designated Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its <br /> independent financial advisor and is therefore authorized to solicit proposals in accordance with <br /> Minnesota Statutes, Section 475.60, Subdivision 2(9). <br /> <br />2. Action <br /> <br /> 2.1. Authorization; Findings. The City hereby authorizes Ehlers to solicit proposals for the sale of the <br /> Bonds. <br /> <br /> 2.2. Meeting; Proposal Opening, The City Council shall meet at the time and place to be specified in the <br /> Terms of Proposal for the purpose of considering proposals for, and awarding the sale of the Bonds. <br /> Pursuant to Minnesota Statutes, Section 475.60, Subdivision 1, the City Administrator, in <br /> consultation with Ehlers, may determine that it is in the best interests of the City to receive <br /> proposals for the sale of the Bonds on a different date that stated in the Terms of Proposal. The City <br /> Administrator is authorized to change the date to receive proposals for the sale of the Bonds. If the <br /> City Council does not meet on the date that proposals are received, then the City Administrator and <br /> the Mayor are authorized to accept the low bid. In such case, the resolution awarding the sale send <br /> setting the terms of the Bonds shall be presented to the City Council for ratification at its next <br /> meeting. <br /> <br /> 2.3. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof as set forth in the <br /> Bond Sale Report are hereby approved. <br /> <br /> 2.4. Official Statement. In connection with said sale, the officers or employees of the City are hereby <br /> authorized to cooperate with Ehlers and participate in the preparation of an official statement for the <br /> Bonds and to execute and deliver it on behalf of the Cityupon its completion. <br /> <br /> this 27th day of Augnst 2001. <br /> <br />Adopted <br /> <br />Sandra Peine, City Clerk Stephanie Klinzing, Mayor <br /> <br /> <br />