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RESOLUTION NO. 12- 05 <br />• RESOLUTION PROVIDING FOR THE SALE OF <br />$1,515,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, <br />Council Member Zerwas <br />SERIES 20126 <br />introduced the following resolution and moved its adoption: <br />WHEREAS, the City Council of the Ciry of Elk River, Minnesota, has heretofore determined that it <br />is necessary and expedient to issue the city's $1,515,000 General Obligation Improvement Refunding <br />Bonds, Series 20126 (the "Bonds"), to crossover refund the city's outstanding General Obligation <br />Improvement Bonds, Series 2007C; and <br />WHEREAS, the city has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as <br />its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in <br />accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); <br />NOW, THEREFORE, BE IT RESOLVED by the Ciry Council of the City of Elk River, <br />Minnesota, as follows: <br />1. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit proposals for the <br />sale of the Bonds. <br />• 2. Meeting; Proposal O~,ening. The City Council shall meet at 6:30 p.m. on February 21, 2012, for <br />the purpose of considering proposals for and awarding the sale of the Bonds. <br />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 <br />for the Bonds and to execute and deliver it on behalf of the city upon its completion. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council Member <br />Gumphrey and, after full discussion thereof and upon a vote being taken thereon, <br />the following Council Members voted in favor thereof: Mayor John Dietz, Councilmembers <br />Nick Zerwas, Jerry Gumphrey, and Paul Motin <br />and the following voted against the same: none. <br />Whereupon said resolution was declared duly passed and adopted. <br />Dated this 17~' day of January, 2012. <br />Jo J. Di tz, May <br />• ATT <br />~~~ <br />Tina Allard, City Clerk <br />