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<br />r I-\.( <br />( II <br />.Yl~' <br />E l\. River <br /> <br />e <br /> <br />e <br /> <br />ITEM 8.3. <br /> <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />MAYOR & CITY COUNCIL <br /> <br />FROM: <br /> <br />LORI JOHNSON, FINANCE DIRECTOR <br /> <br />DATE: <br /> <br />JUNE 16, 1994 <br /> <br />SUBJECT: RESOLUTION INITIATING THE <br />PROCESS FOR THE SALE OF THE <br />CITY'S $255,000 GENERAL <br />OBLIGATION TAX INCREMENT <br />BONDS, SERIES 1994D <br /> <br />Attached is a copy of the resolution which must be adopted in order to <br />proceed with financing of the library expansion. As the Council is aware, <br />Moody's has already rated this issue as a Baal and information regarding <br />this issue was included in the previous official statement. This issue is being <br />negotiated versus competitively bid; however, indications at this time are <br />that the rates will be as good as, if not better than, the rates on the previous <br />three bond issues. The local Edward D. Jones office expressed interest in <br />purchasing this entire bond issue; Springsted has been working with the <br />national Edward D. Jones office to facilitate that transaction. It is <br />anticipated that the resolution awarding the sale to Edward D. Jones will be <br />presented at the June 27 meeting. <br /> <br />RECOMMENDATION <br /> <br />The City Council is asked to approve the attached resolution initiating the <br />process for the sale of the City's $255,000 General Obligation Tax Increment <br />Bond, Series 1994D. <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />