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07-054 RES
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07-054 RES
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12/3/2007 3:34:04 PM
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6/8/2007 10:39:47 AM
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City Government
type
RES
date
6/4/2007
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<br />e <br /> <br />e <br /> <br />e <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: JUNE 4, 2007 <br /> <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Elk River, Sherburne County, Minnesota, was duly held at the City Hall on June 4, <br />2007, at 7:30 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of <br />$3,090,000 General Obligation Improvement Bonds, Series 2007C. <br /> <br />The following members were present: <br /> <br />Stephanie Klinzing, Larry Farber, Jerry Gumphrey, Paul Motin and Nick Zerwas <br /> <br />and the following were absent: none. <br /> <br />Member Farber introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 07-54 <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br />OF $3,090,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 2007C, PLEDGING SPECIAL <br />ASSESSMENTS FOR THE SECURITY THEREOF AND <br />LEVYING A TAX FOR THE PAYMENT THEREOF <br /> <br />A. WHEREAS, the City Council of the City of Elk River, Minnesota (the "City"), <br />has heretofore determined and declared that it is necessary and expedient to issue $3,090,000 <br />General Obligation Improvement Bonds, Series 2007C (the "Bonds" or individually, a "Bond"), <br />pursuant to Minnesota Statutes, Chapters 429 and 475, to finance various improvements within <br />the City (the "Improvements"); and <br /> <br />B. WHEREAS, the Improvements and all their components have been ordered prior <br />to the date hereof, after a hearing thereon for which notice was given describing the <br />Improvements or all their components by general nature, estimated cost, and area to be assessed; <br />and <br /> <br />C. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, <br />Minnesota ("Ehlers"), as its independent financial advisor for the sale of the Bonds and was <br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota <br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been <br />solicited by Ehlers; and <br /> <br />D. WHEREAS, the proposals set forth on Exhibit A attached hereto were received <br />by the Clerk, or designee, at the offices of Ehlers at II :00 A.M. this same day pursuant to the <br />Terms of Proposal established for the Bonds; and <br /> <br />2026828vl <br />
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