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City of Elk River, Minnesota <br />June 25, 1997 <br /> <br />13. Economic Life <br /> <br />14. Federal Reimbursements Regulations <br /> <br />15, Continuing Disclosure <br /> <br />16. Attachments <br /> <br />service fund is a fund for which there is an <br />equal matching of revenue to debt service <br />expense, with a carry-over permitted equal <br />to the greater of the investment earnings in <br />the fund during that year or 1/12 of the debt <br />service of that year. <br /> <br />The average life of the obligations cannot <br />exceed 120% of the economic life of the <br />projects to be financed. These issues are <br />within the economic life requirements. <br /> <br />Federal reimbursement regulations require <br />the City make a declaration, within 60 days <br />of actual payment, of its intent to reimburse <br />itself from expenses paid prior to the receipt <br />of bond proceeds. It is our understanding <br />the City has taken whatever actions are <br />necessary to comply with the federal <br />reimbursement regulations. <br /> <br />The new SEC rules require the City to <br />undertake an annual update of its Official <br />Statement information and report any <br />material events to the national repositories. <br />Springsted currently provides continuing <br />disclosure services for the City's <br />Series 1996A and Series 1996B issues. We <br />have forwarded to City staff an amendment <br />to the agreement for continuing disclosure <br />monitoring services, if the City desires <br />Springsted to provide these services for <br />these new issues. <br /> <br />Project Listing - Series 1997A Bonds <br />Assessment Schedule - Series 1997A Bonds <br />Debt Service Schedule - Series 1997A <br /> Bonds <br />Debt Service Schedule - Series 1997B <br /> Bonds <br />Terms of Proposal <br /> <br />DISCUSSION <br /> <br />The Series 1997A Bonds <br /> <br />The Series 1997A Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and <br />475. Proceeds of the Series 1997A Bonds are being used to finance various improvement <br />projects within the City. A listing of these projects is shown on page 5. The City expects to file <br />assessments totaling $948,118 of principal in the fall of 1997 for first collection in 1998. The <br />City has already filed assessments totaling $218,227 of principal for first collection in 1997. The <br />assessments have been filed in terms ranging from three to ten years with interest on the <br /> <br />Page 3 <br /> <br /> <br />