4.1. ERMUSR 02-11-2014 - Laserfiche WebLink

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Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: Elk River Municipal Utilities Commission Theresa Slominski, Finance and Office Manager John Dietz—Chair Al Nadeau—Vice Chair Daryl Thompson —Trustee MEETING DATE: AGENDA ITEM NUMBER: February 11, 2014 4.1 SUBJECT: Award of Bonds 2014A - Refunding of Electric Bonds 2006A BACKGROUND: At the January 14th meeting, the Commission passed a resolution to proceed with refunding the bond 2006A issue and the City Council passed it at the January 21s'meeting. At that time it was identified that the award of the bonds by the Utility Commission would come back and be on the February 11 th agenda. DISCUSSION: Utility and City Staff, along with Springsted,were busy preparing for our rating call on February 3`d related to the refunding bonds. It was decided to stay with Moody's for rating purposes and a report was issued on Friday, February 07, 2014 with an Aa3 rating result. Our 2006A bond rating was an A2, so we should have good sale results to award. Proposals for the sale are received February 11th until 10:00AM CST(the Preliminary Official Statement is attached for reference and a bound copy is available, if you prefer). The issuance and awarding of the 2014A Electric Revenue Refunding Bonds in the amount of$2,215,000 template resolution is attached for your review. Terri Heaton from Springsted will be attending our Commission meeting to bring the February 11th market sale information results in an updated resolution for approval. ACTION REQUESTED: Staff recommends that the Elk River Municipal Utilities authorize and award the issuance and sale of the $2,125,000 2014A Electric Revenue Refunding Bonds to refund the Electric 2006A Bonds,per resolution. POWERED If Page 1 of 1 NATURE) Reliable bdler P OWERED To S ERVE 40