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<br />e <br /> <br />e <br /> <br />e <br /> <br />II <br /> <br />SPRINGSTED <br /> <br />120 South Sixth Street <br />SUite 2507 <br />Minneapolis. MN 55402.1800 <br />16121333-9177 <br />Fax: (612] 349.5230 <br /> <br />PUBLIC FINANCe AOVISORS <br /> <br />Home Office <br />85 East Seventh Place <br />Suire 100 <br />Saint Paul. MN 55101.2143 <br />16121 223.3000 <br />Fax; 16121 223-3002 <br /> <br />16655 West 81uemound Road <br />SUite 290 <br />BroOkfield, WI 53005.5935 <br />(414) 782.8222 <br />Fax; 14141 782.2904 <br />6800 College Boulevard <br />Suite 600 <br />Overland Park. KS 66211.1533 <br />19131 345.8062 <br />Fax: (9131 345-1770 <br /> <br />November 3, 1994 <br /> <br />1800 K Streat NW <br />Suite 831 <br />Washington. DC 20006.2200 <br />[202] 466.3344 <br />Fax: (2021 223,1362 <br /> <br />Mayor Henry Duitsman <br />Honorable City Council <br />Mr. Patrick Klaers, Administrator <br />Ms. Lori Johnson, Finance Director <br />Elk River City Hall <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />Re: Recommendations for the Issuance of: <br />$1,010,000 General Obligation Water Revenue Bonds, Series 19940 <br />$1,550,000 General Obligation Improvement Bonds, Series 1994E <br /> <br />We respectfully request your consideration of our recommendations for the issuance of the <br />above-named bond issues in accordance with the attached Terms of Proposal. We will discuss <br />each of these issues separately and then items common to both issues. <br /> <br />51,010,000 General Obligation Water Revenue Bonds, Series 19940 <br /> <br />These bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and 475. <br />Proceeds will be used to finance the construction of a Pedestal Spherical Tank at the Gary <br />Street location. It is also our understanding that the City Council will make the decision as to <br />whether or not they will use revenues of the City's TIF District No.4 to reduce the amount to be <br />financed for this issue. The following represent the two options for the Series 1994D Bonds. <br />Option I without revenues from TIF District NO.4 and Option II with revenues from the TIF <br />District No.4 as follows: <br /> <br />Option I <br /> <br />Project Costs. <br />Costs of Issuance <br />Allowance for Discount Bidding (1.3%) <br /> <br />Total Series 19940 Bonds <br /> <br />$ 978,480 <br />18,593 <br />12.927 <br /> <br />$1,010,000 <br /> <br />* <br /> <br />Includes land purchases and engineering. <br />