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e e e RESOLUTION 07-21 Council Member Gumphrey introduced the following resolution and moved its adoption: A RESOLUTION OF THE CITY OF ELK RIVER A RESOLUTION PROVIDING FOR THE SALE OF $2,875,000 ELECTRIC REVENUE BONDS, SERIES 2007A WHEREAS, the City Council of the City of Elk River, Minnesota, has heretofore determined thar it is necessary and expedient to issue the City's $2,875,000 Electric Revenue Bonds, Series 2007 A (the "Bonds''), to fund ccrtain improvements to the City's electric utility system; and WHEREAS, the City has retained EWers & Associates, Inc., in Roseville, Minnesota ("EWers"), as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); NOW" THEREFORE, BE IT RESOLVED by the City Council of Elk River, Minnesota, as follows: 1. Authorization: Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale of the Bonds. 2. Meeting: Proposal Opening. The City Council shall meet at City Hall on March 5, 2007, for the purpose of considering a resolution awarding the sale of the Bonds. 3. Official Statement. In connection with said sale, the officers or employees of the City are hereby authorized to cooperate with EWers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. The motion for the adoption of the foregoing resolution was du1y seconded by Council Member Farber and, after full discussion thereof and upon a vote being taken thereon, the following Council Members voted in favor thereof: Mayor Klinzing, Councilmembers Farber, Gumphrey, Mot in , d th r ll' d - and Zerwas an e 10 owmg vote agarnst the same: None Whereupon said resolution was declared du1y passed and adoption. 07-21