10.1. SR 08-03-2020 - Laserfiche WebLink

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vote of the City Council of said new City shall.be sufficient; that the benefit ratio as defined by said Section 272.67 shall be 0.25; that the benefit ratio may be changed by majority vote of all of the members of the City Council of the new City, provided that a t:,o- thirds vote of all of the members of the City Council of the new City shall be required for a period of five (5) years from the date said new City comes into existence. that the phrase "municipal sewer and crater service are provided" as used herein shall mean that public sewer and water service facilities are in place immediately adjacent to the property so that the owner may have any improvements which may be located on the property connected to said public sewer and water service facilities. 8. That all money, claims and properties of the former Town of Elk River and former City of'Elk River, including real estate owned, held, or possessed by said former Town and former City, and any proceeds or taxes levied by said Town and City, collected or uncollected, and any entitlements to Minnesota local government aids, federal revenue sharing, and any other form or intergovernmental distributions, shall become and be the property of the new City of Elk River with full poorer and authority to use and dispose of the same for public purposes as the City Council of said new City may deem best, subject to the rights of creditors. 9. That the bonded debt of the City of Elk River shall be borne by the property within the boundaries of said former City, except the debt associated with the fire station and truck, which debt shall be assumed by .the new City of Elk River. 10. That any deficits in the general fund or any sp;�cial fend of the City of Elk River as of the date upon which the new City comes into existence shall be borne by the property within the boundaries of said former City. 11. That the consolidation of the former Town of Elk River and the - 12 -