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<br />The new public works expansion is expected to increase by approximately <br />$40,000. These costs will be absorbed into the City's general fund and <br />enterprise funds in the future. <br /> <br />Options for Shared Facilities with Other Cities or Local Government <br /> <br />The City's library currently is and the new facility will continue to be <br />operated by a multi-jurisdictional system which serves much of central <br />Minnesota. The City of Elk River's library is staffed and supplied by the <br />Great River Regional Library system. GRRL serves a population of over <br />350,000 residents, with over 115,000 registered borrovlers in a 5,000 square <br />mile area of central Minnesota. Other counties also served by GRRL <br />include Benton, Morrison, Sherburne, Stearns, Todd, and Wright counties. <br />GRRL has branch libraries in 4 cities in Sherburne County including Becl<er, <br />Big Lake, Elk River, and St. Cloud. <br /> <br />The City does not plan to share public works space with other local <br />governments. In the past, the City has co-located public works facilities <br />with the Ell< River School District. The school district has chosen to <br />construct its own facility in another location. Sherburne County has chosen <br />to relocated its public works facility from Elk River to the City of Becker. <br /> <br />IV. FINANCING THE CAPITAL IMPROVEMENT PLAN <br /> <br />The total amount of requested general obligation debt to be fInanced under <br />this Modification is $8 million. If these expenditures are to be funded, that <br />amount of money is anticipated to be generated through the tax levy and <br />utility funds. <br /> <br />The total amount of debt service on all bonds issued under Minnesota <br />Statutes, Section 475.521 cannot exceed .16% of the total market value in <br />the City. Cun-ently, the maximum debt service amount for the City is <br />$2,888,000 ($1,805,000,000 x .0016). <br /> <br />Under this Modification, the City will secure up to $8 million in general <br />obligation capital improvement bonds in the year 2006 through 2008 to <br />finance the Projects. The bond issue is estimated to be repaid over a 15 to <br />20-year period. Even at a 15 year level, the annual debt service is expected <br /> <br />Ehlers & Associates, Inc. <br /> <br />Page 9 <br />