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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br /> ELK RIVER, MINNESOTA <br /> <br /> Pursuant to due call and notice thereof, a regular or special meeting of the City <br />Council of the City of Elk River, Minnesota, was duly called and held at the Elk River City Hall <br />on November 10, 2003, beginning at approximately 7:07 o'clock P.M., C.T., for the purpose in <br />part of considering the sale of the City's General Obligation Water Revenue Bonds, Series <br />2003B. <br /> <br /> The following members of the Council were present: Stephanie Klinzing, John <br />Dietz, Louise Kuester, Paul Motin and Dan Tveite; <br /> <br />and the following were absent: none. <br /> <br /> During said meeting Deitz introduced the following Resolution in writing and moved its <br />adoption: <br /> <br />RESOLUTION NO. 03-78 <br /> <br />RESOLUTION AWARDING THE SALE OF THE <br />CITY'S GENERAL OBLIGATION <br /> WATER REVENUE BONDS, SERIES 2003B <br /> AND PROVIDING FOR THEIR ISSUANCE <br /> <br /> WHEREAS, the Council believes it to be in the City's best interest to consider a <br />refunding of (1) the City's General Obligation Permanent Improvement Revolving Fund Bonds, <br />Series 1993B, dated October 1, 1993, which included a portion of the bonds of said issue <br />designated as the "Series 1993B Water Revenue Bonds" (said portion being hereinafter referred <br />to as the "1993 Bonds") issued in the original principal amount of $1,125,000, and (2) the City's <br />General Obligation Water Revenue Bonds, Series 1994D, dated December 1, 1994 (the "1994 <br />Bonds"), issued in the original principal amount of $1,010,000, and the 1993 Bonds and the 1994 <br />Bonds are sometimes collectively referred to herein as the "Prior Bonds"; and <br /> <br /> WHEREAS, the outstanding Prior Bonds which mature after February 1, 2004, being in <br />the aggregate principal amount of $985,000, are subject to prepayment on said date at the option <br />of the City at the redemption price of par plus accrued interest; and <br /> <br /> WHEREAS, the above-described refunding of the callable Prior Bonds is consistent with <br />covenants made with the holders thereof and is necessary and desirable for and will result in the <br />reduction of debt service cost to the City; and <br /> <br /> WHEREAS, the improvements (the "Improvements") to the City's municipal water <br />system and utility consisting of certain watermain improvements and a new well (#8) have been <br /> <br />1580841vl <br /> <br /> <br />