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<br />. <br /> <br />. <br /> <br />. <br /> <br />Page 5 <br /> <br />Economic Development Authority Minutes <br />May 15, 1989 <br /> <br />10. The Use of G.O. Bonds for Financing EDA <br /> <br />Mr. Fursman stated that he would like the Commission to consider the idea <br />of using G.O. Bonds to help capitalize the EDA. He stated that there <br />would be some obvious risks associated with the use of G.O. Bonds, but <br />that there were also many positive aspects behind this approach. He <br />stated that by using G.O. Bonds on "top of the line" projects, the EDA <br />could become self-supporting. The Commission discussed the possibility <br />of using G.O. Bonds. The question was raised as to where the EDA would <br />draw the line and who would determine which projects are acceptable risks <br />and which are not. <br /> <br />Discussion also pursued on the fact that the City would be competing in <br />the private sector. It was the consensus of the EDA that Mr. Fursman <br />further explore this idea, as there are a lot of issues that must be <br />looked into, and that he bring his findings back to the EDA. <br /> <br />12. Adjournment <br /> <br />There being no further business, COMMISSIONER DOBEL MOVED TO ADJOURN THE <br />MEETING. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED <br />5-0. <br /> <br />The meeting of Elk River Economic Development Authority adjourned at 10:45 <br />p.m. <br /> <br />Respectfully submitted, <br /> <br />a~ Th~ <br /> <br />Sandy Thackeray <br />Deputy City Clerk <br />