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<br />rei ~'\) <br />( )j <br />fli< <br /> <br /> <br />ITEM 7.6. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />MAYOR & CITY COUNCIL <br />LORI JOHNSON, FINANCE DIRECTOR "'~ <br /> <br />FROM: <br /> <br />DATE: <br /> <br />JUNE 23, 1994 <br /> <br />SUBJECT: RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$255,000 GENERAL OBLIGATION TAX <br />INCREMENT BONDS, SERIES 1994D <br /> <br />. <br /> <br />Adoption of the attached bond resolution is the final action needed to <br />complete the financing for the library expansion. The resolution awards the <br />sale of $255,000 G.O. Tax Increment Bonds. As you will recall, the City is <br />negotiating this bond and it is anticipated that Edward D. Jones will <br />purchase the bond. The exact interest rate is not yet known. That <br />information will be presented verbally to the Council on Monday. <br /> <br />The bond resolution indicates that a minimum of $51,000 would be available <br />from Tax Increment Districts No.1 and No.3 for debt service. However, it is <br />the City's intent that the bonds be repaid through the landfill surcharge <br />dedicated to the library and an annual appropriation in the library budget <br />that was previously set aside for future capital outlay. The bond resolution <br />also indicates that tax levies may be required in certain years. These levies <br />will all be canceled providing that the landfill surcharge and library budget <br />allow for sufficient funds for the debt service payment. <br /> <br />RECOMMENDATION <br /> <br />The Council is asked to approve the attached resolution awarding the sale of <br />the City's $255,000 General Obligation Tax Increment Bonds, Series 1994D. <br /> <br />- <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />