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ulf .., <br /> ' Elk ......,„ <br /> River <br /> Resolution 17-06 <br /> A Resolution of the City of Elk River Economic Development Authority <br /> Establishing the 2018 Referendum Tax Levy as Approved by Voters for a <br /> Recreational Facility to be leased to the YMCA <br /> WHEREAS, on September 12,2006, the voters of the City of Elk River approved a <br /> referendum pledging the City's full faith,credit, and resources to$12,000,000 of bonds for a <br /> recreational facility to be leased to the YMCA;and <br /> WHEREAS, in 2013, the EDA issued$9,685,000 cross-over refunding bonds to redeem <br /> the Series 2007 Bonds on February 1,2017;and <br /> WHEREAS, the City had received a Landfill Abatement Legacy Grant from Sherburne <br /> County for certain qualifying recycled materials and these grant funds were applied to reduce <br /> the debt service tax levy of the bonds from 2008-2016. <br /> NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority <br /> L of the City of Elk River,Minnesota,as follows: that it hereby levies a tax of$511,376 for <br /> taxes payable in 2018 for the purposes of funding the debt service on$9,685,000 of bonds as <br /> approved by voters to build a recreational facility to be leased to the YMCA. <br /> Passed and adopted this 21st day of August 2017. <br /> Dan Tveite,President <br /> ATTEST: <br /> Amanda Othoudt, Executive Director <br /> 1TO . a . r <br /> HAMM <br />