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<br />e <br /> <br />e <br /> <br />e <br /> <br />from each of those sources. Based upon those assumptions, <br />there is adequate revenue to service this debt. The term of <br />the bond is 15 years as requested by Bill. The City will be <br />required to monitor water rates and revenues to ensure that <br />adequate funds are available to meet the water utility debt <br />service obligations. <br /> <br />This memo does not contain detail on each of the improvement <br />projects and the special assessments pledged to those <br />projects. I have previously provided that information to our <br />fiscal consultants and they have included that information in <br />their Recommendations which are attached. The Recommendations <br />also state estimated paYment schedules and other information <br />regarding the terms of the offering. Once the bonds have been <br />sold, two separate paYment schedules will be prepared; one for <br />the City's portion of the debt, and one for Elk River Municipal <br />Utilities portion of the debt. <br /> <br />The Council is asked to approve the attached resolution, a <br />Resolution Initiating the Process for the Sale of the City's <br />$3,525,000 General Obligation Permanent Improvement Revolving <br />Fund Bonds, Series 1993. This resolution will authorize the <br />issuance of debt and set the sale date for September 7, 1993. <br />