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City Council for the City of Elk River <br /> <br /> Resolution <br /> <br />Date: Resolution No.: <br />= -= =~ I~1 II <br /> <br /> Whereas, Tt~e City of Elk River is host to the United Power plant and this <br />facility contributes both real and personal property taxes to the community, school <br />and county; <br /> <br /> Whereas, legislation has been introduced which would eliminate the personal <br />property tax on generation facilities and transmission and distribution lines in the <br />state. Elimination of the personal property tax would result in a host of difficulties, <br />namely: <br /> <br /> a. a detrimental effect on the city's ability to finance essential services <br /> not only to the citizens at large but also the power plant itself (i.e., <br /> police and fire services), and, <br /> b. a detrimental effect on the city's ability to issue bonds due <br /> bonding capacity and the adverse effect on the interest rates and bond <br /> ratings; and, <br /> <br /> Whereas, even if an alternative revenue stream would be provided, the effect <br />on the bonds would not be resolved; <br />Now, therefore the City Council for the City of Elk River hereby makes the following: <br /> <br /> Resolution <br />A. The City Council for the City of Eik River hereby opposes the elimination of <br />personal property taxes on attached machinery and transmission and distribution <br />lines; <br /> <br />B. Further that the substitution of an alternative form of revenue in lieu of <br /> <br /> <br />