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<br />e <br /> <br />1994E General Oblil!ation Improvement Bonds <br /> <br />The City will be issuing $1,550,000 in General Obligation improvement <br />bonds to finance the Western Area Phase II improvements. The construction <br />bid for this project is $1,500,000 plus related overhead costs. A reduction of <br />$500,000 from bond proceeds still available from the Elk Park Center project <br />results in a bond issue for this improvement project of $1,550,000. This bond <br />issue will be financed by special assessments and City contributions. As you <br />can see from the recommendations, a tax levy is required on this bond issue. <br />That tax levy can of course be eliminated or decreased if other funds such as <br />City MSA dollars are available. <br /> <br />Staff Recommendation <br /> <br />e <br /> <br />The City Council is asked to approve the two attached Resolutions initiating <br />the process for the sale of the City's $1,010,000 General Obligation Water <br />Revenue Bond, Series 1994D and initiating the process for the sale of the <br />City's $1,550,000 General Obligation Improvement Bond, Series 1994E. The <br />sale date will be set for November 28. As I stated earlier, the water revenue <br />issue can be reduced. if necessary, based on the City Council's action on <br />November 14 in regard to a TIF contribution to the Utilities for the financing <br />of this project. <br /> <br />e <br />