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Elk River <br /> Municipal Utilities <br /> 322 King Avenue <br /> Elk River,MN 55330 phone: 763.441.2020 <br /> Fax:763.441.8099 <br /> October 8, 2003 <br /> To: Elk River Municipal Utilities Commission <br /> John Dietz <br /> Jerry Takle <br /> James Tralle <br /> From: Bryan C. Adams <br /> Subject: Water Bond Refinancing <br /> At the May 13, 2003 meeting, authorization was given to proceed with construction of <br /> Well #8 and associated facilities and utilize water revenue bonds to pay for the <br /> improvement. The City's financial advisors, Ehlers & Assoc., are also recommending we <br /> refinance Series 1993B and Series I994D, water revenue bonds as well. By this <br /> refinancing, we can save approximately $35,000 to $40,000 and levelize our debt <br /> payments. Attached for your reference is, Ehlers & Assoc., Pre-Sale Report and Debt <br /> Service Schedule. <br /> The city council will be acting on this issue at their October 13, 2003 meeting, contingent <br /> upon this commission's approval. Staff recommends approval of this sale. <br />