4.1. & 4.2. SR 10-23-2000 - Laserfiche WebLink

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r~1 -~) ( ~ . City of lY Elk Item # 4 . 1. & 4. 2. MEMORANDUM TO: Mayor & City Council FROM: Lori Johnson, Finance Director DATE: October 23, 2000 SUBJECT: Consider Resolutions Awarding The Sale Of The 2000A Tax Increment Bond, 2000B Permanent Improvement Revolving Fund Bond, 2000C Improvement Refunding Bond, And 2000D Tax Increment Refunding Bond. . The City Council previously authorized the issuance of four bond issues - two to finance improvement projects and two refundings. Attached are parts of the four resolutions to award the sale of the bonds. The four documents are lengthy so only parts are being distributed; please contact city hall if you would like a full set of the documents. Shelly Eldridge of Ehlers and Associates will be at the meeting at 5:00 to present the bid results and recommend the award. However, the resolutions awarding the bond issues must be approved after 6:00 p.m. in accordance with published bond documents. The bond issues as presented in the awarding resolutions are exactly as previously authorized with one exception: The 2000A issue has been reduced to $800,000 and will finance only the TIF 19 portions of the street and storm sewer improvements. If necessary, a State Aid Road bond will be issued in 2001 to finance the remaining portion of the project. The 2000A bond will be paid entirely from tax increment, and if issued, the 2001 bond would be paid entirely by municipal state aid funds. . Also, the Economic Development Authority will be required to approve resolutions pledging tax increment from districts 6, 7, and 19 to the respective bond issues. These resolutions for the 2000A and 2000D bonds will be presented to the EDA on November 13. 13065 Orono Parkway. P.O. Box 490. Elk River, MN 55330. TDD & Phone (763) 441-7420. Fax (763) 441-7425