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<br />e <br /> <br />SPECIAL MEETING OF THE ELK RIVER <br />ECONOMIC DEVELOPMENT AUTHORITY <br />HELD AT THE ELK RIVER CITY HALL <br />MONDAY, OCTOBER 20, 1997 <br /> <br />Members Present: <br /> <br />President Dwyer, Commissioners Bender, Thompson, Holmgren, <br />Duitsman and Farber <br /> <br />Members Absent: <br /> <br />Commissioner Gongoll <br /> <br />Staff Present: <br /> <br />Paul Steinman, Director of Economic Development; Pat Klaers, City <br />Administrator; Sandra Thackeray, City Clerk; Lori Johnson, Assistant <br />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 5:45 p.m. by President Dwyer. <br /> <br />2. <br /> <br />City Hall and Law Enforcement Facilitv Revenue Refundina Bond <br /> <br />e <br /> <br />Lori Johnson indicated that in 1991 the EDA issued $2,740,000 in City Hall and Law <br />Enforcement revenue bonds to finance the construction of City Hall. She stated <br />that this debt has been monitored for an opportunity to refund the issue at a <br />lower interest rate. Lori Johnson stated that if the issue is refunded under the <br />current market conditions, the refunding will result in an estimated total net <br />savings of in excess of $142,000. Lori Johnson requested the EDA to consider <br />adoption of the proposed resolution to provide for the sale of these bonds. <br /> <br />COMMISSIONER DUITSMAN MOVED TO ADOPT RESOLUTION 97-2 PROVIDING FOR <br />THE COMPETITIVE NEGOTIATED SALE OF THE EDA'S CITY HALL AND LAW <br />ENFORCEMENT FACILITY REVENUE REFUNDING BONDS, SERIES 1997. <br />COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />3. Adiournment <br /> <br />There being no further business, COMMISSIONER BENDER MOVED TO ADJOURN THE <br />EDA MEETING. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION <br />CARRIED 6-0. <br /> <br />The meeting of the Economic Development Authority adjourned at 5:55 P.M. <br /> <br />Respectfully submitted, <br /> <br />~ J-z~!ftuu <br /> <br />City Clerk <br /> <br />e \ \elkriver\sys\shrdoc\minutes\edl02997.doc <br />