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<br /> <br />Request for Action <br /> <br /> <br />To Item Number <br />Mayor and City Council 8.1 <br />Agenda Section Meeting Date Prepared by <br />General Business July 15, 2019 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Issuance of $33,735,000 General Obligation Sales Cal Portner, City Administrator <br />Tax Revenue Bonds, Series 2019A <br />Reviewed by <br /> <br /> <br />Action Requested <br />Adopt, by motion, the resolution for the issuance of $33,735,000 General Obligation Sales Tax Revenue <br />Bonds, Series 2019A. <br /> <br />Background/Discussion <br />The city received approval from Elk River residents and the state legislature to impose a local option sales <br />tax for the issuance of bonds to finance authorized projects such as recreational facility improvements, <br />park and trail improvements, and dredging of Lake Orono. <br /> <br />Staff has been working with our financial advisor, Baker Tilly (formerly Springsted), in recommending the <br />issuance of $33,735,000 General Obligation Sales Tax Revenue Bonds, Series 2019A, to finance these <br />various projects. <br /> <br />Financial Impact <br />The bonds are a general obligation of the city but will be repaid from the .50% local option sales tax. <br /> <br />Attachments <br /> Baker Tilly’s Pre-Sale Summary for Issuance of Bonds <br /> Resolution for Series 2019A <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />