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City of Elk River, Minnesota <br />June 25, 1997 <br /> <br />unpaid balance of assessments charged at a rate of 6.50% for all projects except the Joplin <br />185th Int. and Frontage Road, where interest on the unpaid balance of assessments is being <br />charged at a rate of 8.0%. Pages 6 through 8 show the assessment schedules for these <br />projects. First-half collections of special assessments will be used to make the August 1 <br />interest payment in the year of collection, and second-half collections of special assessments <br />will be used to make the subsequent February 1 principal and interest payment. Page 9 shows <br />the estimated debt service for this issue. <br /> <br />The Series 1997B Bonds <br /> <br />The Series 1997B Bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and <br />475. Proceeds of the Series 1997B Bonds are being used to finance the installation of a <br />watermain addition to the Highland Road area. The Bonds have been amortized over ten years <br />to provide even annual debt service on this issue. In addition to its general obligation pledge, <br />the City also pledges net revenues from its Water Utility for payment on this issue. The <br />February 1, 1998 principal and interest payment will be made from net revenues of the Water <br />Utility collected in 1997. Thereafter, net revenues from the Water Utility will be used to make <br />each August 1 interest payment in the year of collection and the subsequent February 1 <br />principal and interest payment. Page 10 shows the estimated debt service on this issue. <br /> <br />Respectfully submitted, <br /> <br />SPRINGSTED Incorporated <br /> <br />tmw <br />Provided to Staff: <br /> a) Summary of Continuing Disclosure Requirements <br /> b) Rebate and Continuing Disclosure Contracts <br /> <br />Page 4 <br /> <br /> <br />