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Item 8. <br /> O � <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Lori Johnson, Finance Director <br /> DATE: July 8, 2002 <br /> SUBJECT: Consider Resolution Providing for the Sale of Public Project <br /> Revenue Bonds, Series 2002A <br /> In April the EDA held a public hearing on Development Project No. 1 and adopted a <br /> resolution approving the development project and development program that allow the EDA <br /> • to finance public facilities through lease revenue bonds. The City Council is scheduled to act <br /> on the bids for the new public safety and Elk River Municipal Utilities buildings at its meeting <br /> on July 8. Therefore,it is appropriate that the EDA take action to sell the bonds to finance <br /> these projects. <br /> Attached is a resolution to set the sale for the lease revenue bonds to finance construction of <br /> these two projects in an amount not to exceed$9,700,000. The public safety portion of the <br /> bond is $8,000,000,which will be repaid with property taxes, and the balance is for ERMU's <br /> addition,which will be repaid with utility revenues. The sale has been set for August 12 at <br /> which time bids will be accepted and presented to the EDA for approval. <br /> Action Requested <br /> The EDA is asked to approve the attached resolution providing for the sale of public project <br /> revenue bonds, series 2002A in an amount not to exceed$9,700,000. <br /> s:\eda\publicrevenuebonds.doc <br /> • <br />