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City of Elk River <br />Five-Year Capital Improvement Plan <br />2012 through 2016 <br />I. INTRODUCTION <br />The City of Elk River (the "City") is expanding its public works facility in <br />2012 and is seeking to achieve the lowest financing costs for the debt to be <br />incurred to fund the project. In 2003, the Minnesota State Legislature <br />adopted a statute (Section 475.521, referred to herein as the "CIP Act") that <br />allows cities to issue municipal bonds under the CIP Act. The CIP Act <br />applies to capital improvements consisting of city halls, public works, and <br />public safety facilities. The 2005 Legislature added towns to the meaning of <br />a municipality and town halls and libraries to the meaning of a capital <br />improvement under the CIP Act. <br />In 2006, the City issued $3,220,000 General Obligation ("G.O.") Capital <br />Improvement Plan Bonds to finance a new City library under the CIP Act. <br />In 2010, the City issued $7,370,000 G.O. Capital Improvement Bonds to <br />refinance the revenue bonds that financed the City Hall expansion and the <br />public safety facility. The proposed capital improvement plan for 2012- <br />2016 is intended to update the previous plans for the City library, City Hall, <br />and public safety facility. <br />Throughout this plan, the term "capital improvement" refers only to those <br />improvements identified in the CIP Act, as summarized above. Capital <br />expenditures for other public improvements in the City will be financed <br />through other means and are described in a separate capital improvement <br />plan also adopted by the City Council, and are not governed by this plan. <br />City of Elk River CIP for Financing Purposes Page 3 <br />