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ITEM 5.6. <br /> <br />~ity of <br /> <br />River <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />MEMORANDUM <br /> <br />Mayor & City Council <br /> <br />Lori Johnson, Asst. City Administrator <br /> <br />June 3, 1996 <br /> <br />Public Hearing on Issuance of General <br />Obligation Ice Arena Bonds <br /> <br />Prior to the issuance of general obligation bonds for the ice arena project, the <br />city is required to publish notice of and hold a public hearing on the issuance <br />of such debt. <br /> <br />The city is anticipating issuing approximately $2,100,000 of general <br />obligation debt to finance the ice arena expansion. Based on the feasibility <br />study prepared by Marquette Partners and information supplied by the Elk <br />River Youth Hockey Association, it has been determined that approximately <br />$200,000 to $215,000 will be available annually to meet debt obligations. A <br />Project Budget and an Operating and Maintenance Budget are attached. <br />Additional information regarding the structure of the issue and the <br />anticipated interest rate will be available for discussion on Monday evening. <br /> <br />Action Requested <br /> <br />The Council must open the public hearing to take comment on the issuance of <br />general obligation debt for the ice arena expansion. There are no specific <br />items which need to be addressed during the public hearing and no resolution <br />needs to be approved at this time. Later in June a resolution or resolutions <br />authorizing the issuance, setting the terms and awarding the sale will be <br />presented to the Council for approval. Again, no action is required at the <br />public hearing other than to discuss the issue and take public comment. <br /> <br />council:icego <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441q7420 · Fax: (612) 441-7425 <br /> <br /> <br />