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~ity of <br /> <br />River <br /> <br />Items # 4.12., 4.13., & 4.14. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />Mayor & City Council <br /> <br />Lori Johnson, Asst. City Administrator/ <br />Finance Director <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />June 27, 1997 <br /> <br />General Obligation Bonds <br /> <br />There are three bond resolutions on the agenda for Council action. These <br />resolutions were prepared by Jim O'Meara, bond counsel. Springsted has <br />also assisted in the preparation of documents for these bond issues. The <br />following is a brief outline of each of the bond issues. Details on the <br />improvement and water revenue bonds can be found in the Recommendations <br />prepared by Springsted. <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF THE <br />CITY'S $1,245,000 LIQUOR STORE REVENUE BONDS OF 1997 <br /> <br />As the Council is aware, the Liquor Revenue Bond is a negotiated issue being <br />purchased by equally by First National Bank of Elk River and The Bank of <br />Elk River. The interest rate is £Lxed at 6.35 percent for the ten year term of <br />the bond. The resolution does allow the City to prepay the bond, but only for <br />the purpose of constructing a second store. Approval of this resolution <br />awards the sale with funds to be disbursed to the City on July 1. <br /> <br />RESOLUTION PROVIDING FOR THE SALE OF THE CITY'S $1,165,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997A <br /> <br />This resolution simply provides for the sale of improvement bonds with bids <br />being received until Monday, July 28, after which the Council will consider <br />award of the bonds. These improvement bonds are to finance several projects <br />including Joplin Street, Orono Lake Third, Lowell Street, Riverview and <br />Macon, and Joplin and 185th Intersection and Frontage Road. Additional <br />information on the exact amount included for each project is attached. The <br /> <br />13065 Orono Parkway ° P.O. Box 490 ° Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />