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Request for Action <br />To <br />Item Number <br />Mayor and Ci T Council <br />8.2 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General Business <br />April 19, 2021 <br />Lori Ziemer, Finance Director <br />Item Description <br />Reviewed by <br />Approve the Issuance of General Obligation <br />Cal Portner, City Administrator <br />Water Utility Revenue Bonds, Series 2021C <br />Reviewed by <br />Action Requested <br />Adopt, by motion, the Resolution Providing for the Competitive Negotiated Sale of $1,750,000 General <br />Obligation Water Utility Revenue Bonds, Series 2021C. <br />Background/Discussion <br />Elk River Municipal Utilities has been working with their financial advisor, Baker Tilly, in recommending the <br />issuance of $1,750,000 General Obligation Water Utility Revenue Bonds, Series 2021C to finance the expansion of <br />the Field Services Facility. <br />The City of Elk River is the qualified entity to issue the bonds and on April 13, 2021, the Elk River Municipal <br />Utilities Commission adopted their resolution requesting the city council to adopt the resolution approving the <br />issuance of the Water Utility Revenue Bonds. <br />Financial Impact <br />The bonds are a general obligation of the city payable by the revenues of the water utility. <br />Mission/Policy/Goal <br />Develop a sustainable and prosperous community that reflects the culture of citizens and what is important to the <br />majority. <br />Attachments <br />■ Resolution Providing for the Sale of General Obligation Water Utility Revenue Bonds, Series 2021C <br />■ Pre -Sale Summary for Issuance of Bonds, Series 2021C <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires pi ospei ly. <br />M <br />TUREJ <br />Updated.• August 2020 <br />