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<br /> <br />2 <br /> <br />General ObligatlonlSpeclal Tax <br /> <br />Elk River, Minnesota <br /> <br />key facts: <br /> <br />Debt Burden: <br />Debt per Capita: <br />Payout, Ten Years: <br />Population Growth, <br />1970-80: <br />1980-90: <br />F.Y. Per Capita, FY 1993: <br />Average Annual Growth F.V. <br />1989-93: <br /> <br />Unreserved General Fund Balance <br />as % of General Fund Revenue. <br />FY1991: <br />FY 1991 : <br />FY 1992: <br />FY 1993: <br /> <br />8.6% <br />$3,280 <br />74.8% <br /> <br />201.3% <br />89.2% <br />$37,515 <br /> <br />8.2% <br /> <br />14.30% <br />15.2% <br />15.0% <br />18.9% <br /> <br />update: <br /> <br />Since our last report dated May 18,1994, there has <br />been no material change in the city's credit position. <br /> <br />sale information: Legal Name of Issuer: City of Elk River, <br />Sherburne County, Minnesota. <br /> <br />Date of Bonds: December 1, 1994. <br /> <br />Security: General obligation, unlimited tax. <br /> <br />Use of Proceeds: New water storage tower and <br />street, curb and gutter, and stonn drainage <br />improvements. <br /> <br />rating history: <br /> <br />December 1974: <br /> <br />Baal <br /> <br />November 22, 1994 <br /> <br />Major Operating Revenue <br />Sources FY 1993, <br />Property Taxes: <br />Intergovernmental Revenue: <br />Special Assessments: <br /> <br />Moody's Ratings, <br />General Obligation State Aid Road Bonds: A <br />Series 1985, dated 9-1-85 MBIA: Aaa <br />Series 1985 A and B, dated <br />9- 1-85 MBIA: <br />Series 1994 A. Series 1994 B, and <br />Series 1994 C, Capital Guaranty: Aaa <br />Elk River Economic Development Authority, <br />City Hall and Law Enforcement Facility <br />Revenue Bonds: <br /> <br />36.7% <br />24.1% <br />16.8% <br /> <br />Aaa <br /> <br />Baa <br /> <br />Key Contacts: <br />Chief Financial Officer: Lori Johnson, Finance <br />Director, (612) 441-7420. <br />Financial Advisor: Springsted Inc., Saint Paul, <br />(612) 223-3000. <br />Bond Counsel: Briggs and Morgan, Professional <br />Association, Saint Paul, (612) 223-6600. <br />Auditor: Abdo, Abdo & Eick, Minneapolis, <br />(FY 1993), (612) 835-9090. <br /> <br />July 1974: <br /> <br />Baa <br /> <br />analyst: Jerry Caden <br />(212) 553-0329 <br />7966XO 1 . <br /> <br />111e mformation herein has been obtained from sources believed to be accurate and reliable. but because of the possibility of human and mechanical error. its accuracy or completeness is not <br />guaranteed. Moody's ratings are opinions. not recommendations to buy or sell. and their accuracy is not guaranteed. A rating should be weighed solely as one factor in an mvestment decision. <br />and you should make your own study and evaluation of any issuer whose securities or debt obligations you consider buying or selling. Most issuers of corporate bonds. municipal bonds and <br />nOle,. preferred stock, and commercial paper which are rated by Moodfs Investors Service. Inc. have, prior to receiving the rating, agreed to pay a fee to Moody's for the appraisal and rating <br />services. The fee ranges from $1,000 lO S125.000. <br /> <br />Copynght@ 1994 by Moody's Investors Service, Inc. Publishing and executive offices at 99 Church Scree!, New York. NY 10007 <br />