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Resolution No. 04-57 <br /> <br />Council Member Kuester introduced the following resolution and moved its adoption: <br /> <br /> Resolution Providing for the Sale of <br />$940,000 Electric Revenue Bonds, Series 2004A <br /> <br />WHEREAS, the City Council of the City of Elk River, Minnesota, has heretofore determined that it is <br />necessary and expedient to issue the City's $940,000 Electric Revenue Bonds, Series 2004A (the <br />"Bonds"), to fund certain improvements to the City's electric utility system; and; <br /> <br />WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its <br />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 /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of Elk River, Minnesota, as follows: <br /> <br />1. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale <br /> of the Bonds. <br /> <br />Meeting; Proposal Opening. The City Council shall meet at City Hall on August 2, 2004, for the <br />purpose of considering a resolution awarding the sale of the Bonds, contingent upon the actual sealed <br />bids being received on August 3rd and reviewed by a pricing committee appointed by the City <br />Council. <br /> <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 for the <br />Bonds and to execute and deliver it on behalf of the City upon its completion. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Council Member Dietz <br />and, after full discussion thereof and upon a vote being taken thereon, the following Council Members <br />voted in favor thereof: <br /> <br />Mayor Klinzing, Council Members Dietz, Kuester, Motin, and Tveite <br /> <br />and the following voted against the same: None <br /> <br />Whereupon said resolution was declared duly passed and adopted this 19th day of July, 2004. <br /> <br />Prepared by Ehlers & Associates, Inc. <br /> <br />04-57 <br /> <br /> <br />