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Economic Development Authority Minutes ~ Page 4 <br />July 8, 2002 <br />8. Consider Resolution Providing for the S11e of Public Project Kevenue Bonds Series <br />2002A <br />Finance Director Lori Johnson requested the ED A to consider a resolution to set the <br />sale for the lease revenue bonds in the amount of $9,70Q,000 ro finance the <br />construction of the public safety facility and the Elk River Municipal Utilities <br />building. She noted that the public safety portion of the bond is ~$B,000,OOQ which <br />will be repaid with property taxes, and the Elk River Municipal Utilities addition is <br />1,700,000, which will be repaid with utility revenues. <br />Mark Ruff from Ehlers and Associates presented some information regarding the <br />bond sale and new financing techniques. <br />COMMISSIONER MOTIN MOVED TO ADOPT RESOLUTION 02-03 <br />PROVIDING FOR THE SALE OF PUBLIC PROJECT REVENUE <br />BONDS, SERIES 2002A. COMMISSIONER KOENIG SECONDED THE <br />MOTION. THE MOTION CARRIED 6-0. <br />Other Business <br />Catherine indicated that the City has received an award from the Economic <br />Development Association of Minnesota fox the City's local advertising campaign. <br />Catherine noted the City of Cottage Grove was also nominated. <br />10. Adjournment <br />There being no other business, COMMISSIONER KOENIG MOVED TO <br />ADJOURN THE MEETING. COMMISSIONER KUESTER SECONDED <br />THE MOTION. THE MOTION CARRIED 6-0. <br />The meeting of the Elk River Economic Development Authority adjourned at 7:25 <br />p.m. <br /> <br />Sandia Peine <br />City Clerk <br />