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<br />A.( -\.( <br />( l! <br />fill River <br /> <br />ITEM 4. <br /> <br /> <br />TO: <br /> <br />FROM: <br /> <br />MAYOR & CITY COUNCIL <br />LORI JOHNSON, FINANCE DIRECTOR~~ <br /> <br />DATE: SEPTEMBER 1, 1993 <br /> <br />SUBJECT: AWARDING SALE OF $3,525,000 <br />GENERAL OBLIGATION PERMANENT <br />IMPROVEMENT REVOLVING FUND BOND <br />SERIES 1993B <br /> <br />On August 16th, the City Council approved a resolution <br />authorizing the sale of a $3,525,000 General Obligation <br />Permanent Improvement Revolving Fund Bond. Springsted, Inc., <br />is accepting bids until 11:00 a.m., Tuesday, September 7th. <br />David Drown of Springsted, Inc., will be at Tuesday's meeting <br />to present the results of the bid opening. <br /> <br />At Monday's meeting the City Council is asked to adopt the <br />attached resolution which awards the sale. <br /> <br />e <br /> <br />Als~ attached for your review is a copy of the official <br />statement relating to this bond issue. The official statement <br />contains a lot of interesting information on the City such as <br />property value, debt, cash balance, building permit, major <br />employer, labor force, and recent development information. An <br />official statement is prepared each time the City issues debt. <br />This is the document that the underwriters review when <br />gathering information for a potential purchase of one of the <br />City's bonds. <br /> <br />Finally, for your information, I have received a letter from <br />First National Bank of Elk River indicating that the bank has <br />made a commitment to issue a Letter of Credit for approximately <br />$474,500 for the Mississippi Oaks Improvement Project. <br /> <br />e <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />