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Item #4.1. <br /> <br />City of <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor & City Council <br /> <br />FROM: Lori Johnson, Finance Director <br /> <br />DATE: <br /> <br />September 25, 2000 <br /> <br />SUBJECT: <br /> <br />Resolution Providing for the Sale of $1,740,000 G.O. Tax <br />Increment Bonds, Series 2000A, $1,275,000 G.O. <br />Permanent Improvement Revolving Fund Bonds, Series <br />2000B, $900,000 G.O. Improvement Refunding Bonds, <br />Series 2000C, $515,000 Taxable G.O. Tax Increment <br />Refunding Bonds, Series 2000D <br /> <br />Attached is the Bond Sale Report prepared by Ehlers & Associates, Inc. for <br />the city's upcoming bond issues. The bonds to be issued include financing for <br />both the Western Area Phase IV improvements and the street and storm <br />sewer portion of the East Elk River improvements. In addition, three current <br />issues are being refunded in an effort to reduce future interest costs. Please <br />refer to the Purpose sections of the Bond Sale Report for summary <br />information on each issue. This memo will provide only an overview of each <br />of these bond issues; if you would like a detailed financial analysis of each of <br />these issues, please contact me. Sid Inman, Ehlers and Associates, and I will <br />be present on Monday to discuss this item with the council and address any <br />questions you may have. <br /> <br />$1,740,000 G.O. TIF Bonds Series 2000A - East Elk River <br /> <br />Improvement Project <br /> <br />In 1999, the city issued $5,725,000 of improvement bonds to finance the <br />sewer and water portion of the East Elk River improvements. As you may <br />recall, repayment of the 1999 debt will be mainly from trunk sewer and water <br />special assessments with smaller obligations from TIF 19 (Elk River <br />Crossing), and the sewer and water funds. Now that bids have been awarded <br />for all components of this project, it is time to issue the next bond to finance <br />the street and storm sewer part of this project not covered by state or federal <br />funds. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone (763) 441-7420 · Fax (763) 441-7425 <br /> <br /> <br />