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>"1*Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> Elk River Municipal Utilities Commission Theresa Slominski, Finance and Office Manager <br /> John Dietz—Chair <br /> Al Nadeau—Vice Chair <br /> Daryl Thompson—Trustee <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> June 14, 2016 5.1 <br /> SUBJECT: <br /> Award of Bonds 2016A &Refunding of Electric Bonds 2016B <br /> BACKGROUND: <br /> At the May 10th meeting, the Commission passed a resolution to proceed with issuance of <br /> $10,000,000 2016A bonds, and the refunding the bond 2007A issue of$1,460,000 2016B bonds, <br /> and the City Council passed it at the May 16th meeting. At that time it was identified that the <br /> award of the bonds by the Utility Commission would come back and be on the June 14th agenda. <br /> DISCUSSION: <br /> Utility Staff, along with Springsted,were busy preparing for our rating call on May 31st related <br /> to both bonds. It was decided to stay with Moody's for rating purposes and a report will be <br /> issued on Friday, June 3rd to award a rating result; we currently have an Aa3 rating. Proposals <br /> for the sale are received June 14th until 10:00AM CST (the Preliminary Official Statement is <br /> attached for reference and a bound copy is available, if you prefer). <br /> The issuance and awarding of the 2016A Electric Bonds, and the 2016B Electric Revenue <br /> Refunding Bonds in the amount of$1,460,000 template resolution is attached for your review. <br /> Terri Heaton from Springsted will be attending our Commission meeting to bring the June 14th <br /> market sale information results in an updated resolution for approval. <br /> ACTION REQUESTED: <br /> Staff recommends that the Elk River Municipal Utilities Commission authorize and award the <br /> issuance and sale of the $10,000,000 2016A Electric Revenue Bonds, and the 2016B Electric <br /> Revenue Refunding Bonds to refund the Electric 2007A Bonds, per resolution. <br /> ATTACHMENTS: <br /> • Preliminary Official Statement Dated May 26, 2016 <br /> • Template Resolution - Awarding the Issuance and Sale of$10,000,000 Electric Revenue <br /> Bonds, Series 2016A <br /> P I W E A E O Il <br /> Page 1 of 2 NATURE <br /> Reliable Public <br /> Power Provider P OWERED T o S ERV E <br /> 103 <br />