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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 August 19, 2019 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Resolution Awarding the Sale of $33,735,000 Cal Portner, City Administrator <br />General Obligation Sales Tax Revenue Bonds, <br />Reviewed by <br />Series 2019A <br /> <br /> <br />Action Requested <br />Adopt, by motion, the resolution awarding the sale of $33,735,000 General Obligation Sales Tax Revenue <br />Bonds, Series 2019A fixing their form and specifications; directing their execution and deliver; and <br />providing for their payment. <br /> <br />Background/Discussion <br />On July 15, 2019, the City Council adopted a resolution providing for the competitive negotiated sale of <br />$33,735,000 General Obligation Sales Tax Revenue Bonds, Series 2019A. <br /> <br />Terri Heaton, of Baker Tilly, will present the results of the sale of the General Obligation Sales Tax <br />Revenue Bonds, Series 2019A to finance recreational facility improvements, park and trail improvements, <br />and dredging of Lake Orono. <br /> <br />Financial Impact <br />The bonds are a general obligation of the city but will be repaid from the 0.5% local option sales tax. <br /> <br />Attachments <br /> Resolution awarding the sale of $33,735,000 General Obligation Sales Tax Revenue Bonds, Series <br />2019A fixing their form and specifications; directing their execution and delivery; and providing <br />for their payment. <br /> <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 />