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<br />
<br />RESOLUTION 92 - ~1
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<br />A RESOLUTION FOR THE CITY OF ELK RIVER
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<br />A RESOLUTION REGARDING STATE AID BONDS
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<br />WHEREAS, the City of Elk River has issued and sold bonds, dated June 1, 1992, in the
<br />amount of $1,095,000 exclusively for the purpose of establishing, locating,
<br />relocating, constructing, reconstructing or improving its State-Aid
<br />Highways or Streets in accordance with the Law; and,
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<br />WHEREAS, said City of Elk River has irrevocably pledged to the sinking fund from
<br />which said obligations are payable, that amount of their future State-Aid
<br />allotments as is permissible by Law and needed to pay the principal and
<br />interest thereon; which principal payments shall be made from the Regular
<br />construction account of such State-Aid fund and the interest payments made
<br />from their Regular State-Aid maintenance account all as detailed herein:
<br />
<br /> YEAR DATE PRINCIPAL INTEREST TOTAL DUE
<br /> ------ --------- --------- ----------
<br /> 1993 Apr il 1 $120,000 $40,966.77
<br /> October 1 $22,420.00 $183,386.77
<br /> 1994 Apr il 1 $145,000 $22,420.00
<br /> October 1 $19,520.00 $186,940.00
<br /> 1995 Apr il 1 $150,000 $19,520.00
<br /> October $16,370.00 $185,890.00
<br /> 1996 Apr il 1 $155,000 $16,370.00
<br /> October 1 $12,882.50 $184,252.50
<br />. 1997 Apr il 1 $165,000 ~ $12 t 882 . 50
<br /> October 1 $ 9,005.00 $186,887.50
<br />1998 Apr il 1 $175,000 $ 9,005.00
<br /> October 1 $ 4,717.50 $188,722.50
<br /> 1999 April 1 $185,000 $ 4,717.50 $189,717.50
<br />NOW, THEREFORE, BE IT RESOLVED that the Commissioner of Transportation be and is
<br /> hereby requested to keep a bond record in his office for the City of Elk
<br /> River.
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<br />BE IT FURTHER RESOLVED that the Commissioner of Transportation be and is hereby
<br />requested upon receipt of this resolution to annually certify to the
<br />Commissioner of Finance the sum of money required for thr principal and
<br />interest on said bonds.
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<br />CERTIFICATION
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<br />I, Patrick D. Klaers, duly appointed and qualified Administrator in and for the
<br />City of Elk River, State of Minnesota, do hereby certify that the above is a true
<br />and full copy of a resolution duly adopted by the City Council of said City
<br />assembled in regular session on the 15th day of June, 1992.
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<br />(SEAL)
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<br />qJ/)~~/
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<br />Patrick D. Klaers, City Administrator
<br />City of Elk River
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<br />Submit:
<br />1 copy to State Aid Office
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