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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br /> <br />Agenda Section Meeting Date <br />Administration March 5, 2007 <br />Item Description <br />Resolution Accepting Proposal and Concurring in the Action of <br />the Board of Commissioners of the Public Utilities Commission <br />of the City of Elk River, Minnesota, In Providing for the <br />Issuance and Sale of $2,875,000 Electric Revenue Bonds, Series <br />2007A <br /> <br />Item Number <br />5.3. <br /> <br />Prepared by <br />Tim Simon, Finance Director <br />Reviewed by <br />Lori Johnson, City Administrator <br /> <br />Introduction <br />Mark Ruff of Ehlers and Associates will be at the Council meeting to present the results of the sale of <br />Electric Revenue Bonds of $2,875,000, Series 2007 A, for a new substation and feeders for the City's <br />municipal electric utility. <br /> <br />DISCUSSION <br />Bids for this bond sale will be received on March 5, 2007. The Elk River Municipal Utilities Commission <br />met at 4:00 p.m. on February 20, 2007 to approve the PUC resolution providing for the Issuance and Sale <br />of these bonds. A conference call with Moody's was held on Tuesday, February 27 and Moody's <br />maintained the A2 rating for all the outstanding debt of the electric utility. <br /> <br />Financial Impact <br />These bonds will be repaid with revenues from the electric utility. <br /> <br />Attachments <br />. Resolution 07- _ Accepting Proposal and Concurring in the Action of the Board of <br />Commissioners of the Public Utilities Commission of the City of Elk River, Minnesota, in <br />providing for the Issuance and Sale of $2,875,000 Electric Revenue Bonds, Series 2007 A. <br />. Moody's rating analysis <br /> <br />Action Requested <br />It is requested that the Mayor and City Council adopt resolution 07-_Accepting Proposal and <br />Concurring in the Action of the Board of Commissioners of the Public Utilities Commission of the City <br />of Elk River, Minnesota, in providing for the Issuance and Sale of $2,875,000 Electric Revenue Bonds, <br />Series 2007 A. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />C:\Documcnts and Settings\jmiller\Local Settings\Ttmporary Internet Fi1cs\OLK3E\2007AElectricRevenueHond~salc.doc <br />