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Demand for Projects <br />The demand for the improvements is driven by the current condition of the <br />existing public works facility and size, originally built in 1986. In <br />considering expansion of the public works facilities, the Council recognizes <br />that the City's population has increased 244% since 1986. The most pressing <br />needs are for additional operational and storage space in the Streets, Park <br />Maintenance, and Equipment Services divisions. <br />Estimated Cost of the Projects <br />The maximum budget is shown below. The equity contribution will be paid <br />from the City's net revenues of the liquor store. <br />City of Elk River, Minnesota <br />$7,300,000 G.O. Bonds, Series 2012 <br />20 Year Term (50 basis points over Current Market Rates <br />Sources & Uses <br />Dated 03/1512012 ~ Delivered 03/1512012 <br />Sources Of Funds <br />Par Amount of Bonds $7,300,000.00 <br />Planned Issuer Equity contribution 2,750,000.00 <br />Total Sources <br />$10,050,000.00 <br />Uses Of Funds <br />Total Underwriter's Discount (1.000%) 73,000.00 <br />Costs of Issuance 79,750,00 <br />Availability of Public Resources <br />The City plans to pledge property taxes, but utilize revenues from the <br />Government Building Fund, to pay the 20 years of debt service beginning in <br />2013. Capitalized interest from the bond issue will pay the first year of debt <br />service. <br />Level of Overlapping Debt <br />The 2010 City's share of the Sherburne County debt, spread on the basis of <br />proportional tax capacity, is approximately $8 million. The City's share of <br />the school district's debt within City boundaries is $224 million. <br />City of Elk River CIP for Financing Purposes Page 7 <br />Total Uses 510,050,000.00 <br />