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<br />. <br /> <br />MEETING OF THE ELK RIVER ECONOMIC <br />DEVELOPMENT AUTHORITY <br />HELD AT THE ELK RIVER CITY HALL <br />MONDAY, NOVEMBER 10, 1997 <br /> <br />Members Present: <br /> <br />President Dwyer, Commissioners Farber, Thompson, Duitsman, <br />Bender and Holmgren <br /> <br />Members Absent: <br /> <br />Commissioner Gongoll <br /> <br />staff Present: <br /> <br />Paul Steinman. Executive Director; Pat Klaers. City <br />Administrator; Lori Johnson. Assistant City Administrator <br /> <br />1. Call Meetina To Order <br /> <br />Pursuant to due call and notice thereof. the meeting of the Elk River Economic <br />Development Authority was called to order at 6:00 p.m. by President Dwyer. <br /> <br />2. Consider Aaenda <br /> <br />It was the consensus of the Authority to move agenda item #9 to follow item #5. <br /> <br />COMMISSIONER BENDER MOVED TO APPROVE THE NOVEMBER 10. 1997, <br />ECONOMIC DEVELOPMENT AUTHORITY AGENDA AS AMENDED. COMMISSIONER <br />THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />e <br /> <br />3. <br /> <br />Consider Consent Aaenda <br /> <br />COMMISSIONER HOLMGREN MOVED TO APPROVE THE CONSENT AGENDA AS <br />FOLLOWS: <br /> <br />3.1. OCTOBER 14.1997. EDAMINUTES - APPROVED <br />3.2. OCTOBER 20. 1997. SPECIAL EDA MINUTES - APPROVED <br />3.3. OCTOBER 9 AND OCTOBER 30. 1997. EDA FINANCE COMMITTEE MINUTES - <br />ACCEPTED <br />3.4. CHECK REGISTER - APPROVED <br /> <br />COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />4. Consider Resolution Authorizina the Issuance of the EDA's City Hall and Law <br />Enforcement Facility Revenue Refundina Bond. Series 1997 and Execution and <br />Delivery of a Supplement to the Lease/Purchase Aareement and a Supplement <br />to the Trust Indenture in Connection Therewith <br /> <br />Assistant City Administrator Lori Johnson provided an overview of the intent to <br />refund the EDA's City Hall and Law Enforcement Facility bonds due to lower <br />interest rates being available. The refunding of this bond will reduce the basic <br />rent payments and result in a savings to the City. It was noted that the City <br />Council will also have to approve this action at the November 17. 1997. City <br />Council meeting. <br /> <br />e <br /> <br />City Financial Consultant Mr. Paul Donna of Springsted. Inc. distributed the results <br />of the sale of the refunding bonds. Paul stated that the low bidder was Piper <br />