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<br />. <br /> <br />Councilmember Engstrom , offered the following <br />resolution and moved its adoption: <br /> <br />RESOLUTION NO. 86-36 <br /> <br />RESOLUTION RELATING TO Sl,750,000 LAW ENFORCEMENT <br />CENTER FINANCING, DETERMINING THE NECESSITY THEREFOR <br />AND AUiHORIZING CERTAIN PROCEEDINGS THEREFOR <br /> <br />BE IT RESOLVED by the City Council (the Council) of the <br />City of Elk River, (the City) as follows: <br /> <br />. <br /> <br />Section 1. Recitals. It is hereby found, determined and <br />declared that the present jail/law enforcement center owned and <br />operated by Sherburne County, Minnesota (the County) is <br />inadequate and that certain repairs, expansion and related <br />construction are necessary to meet the governmental purposes of <br />the City and County. This Council has received a proposal from <br />Ehlers and Associates, Inc., financial consultants to the <br />County, whereby the County will lease or sell the existing <br />facility to the City, the City will issue obligations the <br />proceeds of which will be used to upgrade the facility, the <br />City will lease the upgraded facility to the County which will <br />pledge its full faith and credit and taxing powers to the lease <br />payments payable to the City under the lease, the City will <br />pledge such lease payments to the payment of the principal of <br />and interest on the obligations issued to upgrade the facility, <br />and the City will convey legal title to the upgraded facility <br />to the County at the end of the lease term. On the basis of <br />the information provided to the County, such proposal from <br />Ehlers and Associates is acceptable, and it is hereby <br />determined to proceed with such financing. <br /> <br />Section 2. <br />to such further <br />Board, the cost <br />follows: <br /> <br />Project Costs; Additional Proceedinqs. Subject <br />changes as may be deemed necessary by this <br />of such project is presently estimated as <br /> <br />Constnlction costs <br />Contingency <br />Design and inspection <br />Legal, fiscal, administrative <br />Less investment earnings <br /> <br />Subtotal <br />Plus discount allowance <br /> <br />$1,531,865 <br />75,000 <br />110,000 <br />40,000 <br />(40,000) <br /> <br />$1,716,865 <br />33,135 <br /> <br />$1,750,000 <br /> <br />Total <br /> <br />. <br /> <br />All.det~ils ~f such.financing and provisions for payment of any <br />obllgatlons lssued In furtherance therefor shall be negotiated <br />by re?resentatives of the City, the County, Ehlers and <br />Assoclates, Inc. and Larkin, Hoffman, Daly & Lindgren, Ltd., <br />bond counsel, and shall be subject to the further approval of <br />the Attorney for the City and this Council. All officers <br />employees and agents for the City are hereby authorized a~d <br />