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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />.L\dministration ulv 17, 2006 <br />Item Description <br />:Nfotion Calling for Public Hearing to Discuss the Capital <br />Improvement Plan for tlle Purpose of Issuing Bonds for tile <br />Librarv Ex ansion <br /> <br />Item Number <br />7.4. <br /> <br />Prepared by <br />Lori ohnson, Ci T Administrator <br />Reviewed by <br /> <br />Introduction <br />Tile city intends to issue capital impro\rement bonds to fund a portion of the ne'\v library. In order to <br />issue bonds, the city must llold a public hearing on its Capital Improvement Plan and the issuance of <br />bonds for tile projects included in the Capital Impro'vement Plan. <br /> <br />Discussion <br />TIle public llearing ~\lill be held on August 21 to discuss the libral)T expansion in particular and tlle <br />issuance of Capital Impro\Tement Bonds for that project. TIle resolution calling tlle public I1earing states <br />tllat tile city is considering issuing up to $5 million in bonds for this project. As you knO\V, tlle Council <br />llas set a project cost of not-to-exceed $4.3 million. In addition, up to $1.5 million of project costs may be <br />funded internally; tllerefore, the bond issue \vill be significantly less that $5 million. <br /> <br />Financial Impact <br />None <br /> <br />Attachments <br /> <br />. Resolution Calling for a Public Hearing on a Capital Impro\lement Plan and the Issuance of Capital <br />Impro\rement Bonds <br /> <br />Action Requested <br /> <br />Consider Resolution Calling for a Public Hea11.ng on a Capital Impro\lement Plan and tlle Issuance of <br />Capital Ilnprov~ement Bonds. <br /> <br />Council Action <br /> <br />J\fotion by _ <br /> <br />Second by _ <br /> <br />'Tote <br /> <br />Follow Up <br /> <br />s: \ Council\Lori \2006 \Library CIP PI-Ldoc <br />