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<br />e <br /> <br />Govncilmember Holmgren then introduced the <br />following Resolut1on an~ moved its adoption: <br /> <br />RESOLUTION NO. <br /> <br />g4-56 <br /> <br />RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$1,280,000 GENERAL OBLIGATION SEWER REVENUE <br />BONDS, SERIES 1994B <br /> <br />BE IT RESOLVED by the City Council (the "Council") of <br />the City of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. Recitals. It is hereby determined: <br /> <br />(a) That the wastewater treatment plant improvements <br />(the "Improvements") described in the Council's <br />May 2, 1994, resolution relating to these Bonds <br />have been duly ordered by the City and have been <br />constructed by the City or will be constructed <br />under contracts which the City has or will let <br />therefor, all pursuant to and in accordance with <br />Minnesota Statutes, Section 444.075. <br /> <br />e <br /> <br />(b) That is it necessary and expedient to the sound <br />financial management of the affairs of the City <br />that the City issue its bonds pursuant to <br />Minnesota Statutes, Section 444.075 and Chapter <br />475, to provide financing for the Improvements. <br /> <br />2. Acceptance of Offer. The offer of <br />(the "Purchaser") to purchase the City's <br />$1,280,000 General Obligation Sewer Revenue Bonds, Series 1994B <br />(the "Bonds"), at the rates of interest and upon the other terms <br />set forth in this Resolution, and to pay therefor the sum of <br />$ plus interest accrued to settlement, is <br />hereby accepted. <br /> <br />3. Title: Original Issue Date: Denominations: <br />Maturities. The Bonds shall be titled "General Obligation Sewer <br />Revenue Bonds, Series 1994B," shall be dated June 1, 1994, as the <br />date of original issue and shall be issued forthwith on or after <br />such date as fully registered bonds. The Bonds shall be numbered <br />from R-l upward in the denomination of $5,000 each or in any <br />integral multiple thereof of a single maturity. The Bonds shall <br />mature on February 1 in the years and amounts as follows: <br /> <br />we <br /> <br />264042. 1 <br /> <br />2 <br />