HRSA 04-11-1996 aN 4 fE;D
•
NEWS ALE RT! { :3 , ' ,
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Minnesota Homes Division
MINNESOTA HOUSING FINANCE;AGENCY
;,, * , »tee , 4r°
MCPP - March 1 , 1996
expenses in administering the housing
1996 MCPP CONTRACTS pool. The 1% application deposit will
be returned to you directly from the
Enclosed are TWO originals of the Department of Finance approximately
MCPP Application Commitment early June.
Agreement. Please check this
information: PROGRAM MARKETING
Page 1: City name and address SUPPORT
Page 2: Requested and approved
commitment amounts Over the next week, we will be
preparing marketing materials,
Both original agreements, along with including statewide and local press
the specified fees (see enclosed fee releases, for the 1996 MCPP. You may
schedule), must be returned by MARCH be contacted by a staff member to
l 15, 1996. clarify your program features, confirm
lir Reminder: Both Agreements must be lenders, or to provide MHFA with any
signed by an authorized individual and missing information. Our objective is to
returned. We will execute the "MHFA accurately describe your local program
Approval" section and return one copy and highlight specific city
to you. enhancements.
The statewide press release will
FEE REMITTANCE contain a quote from the Governor or
MHFA's Commissioner and a list of all
cities participating. For the local press
To determine the amount of fees due release, you may provide a short quote
from your city, refer to the attached from a local official. If you choose to do
schedule. Please remit a single so, you must fax your quote to:
check made payable to the Michelle Ramos
Minnesota Housing Finance 612-296-8292
Agency covering both the 1%
application fee and the processing fee. Quotes must be received by March 15.
For cities that do not send a quote, we
will use the Governor's/Commissioner's
The Agency will cash all checks upon
receipt and wire a single remittance to
the Department of Finance. The quote.
processing fee will be retained by the
Department of Finance to cover their
V400 Sibley Street,Suite 300,St.Paul,Minnesota 55101
(612)296-7613 Fax—(612)296-8292
Telecommunications Device for the Deaf(TDD)(612)297-2361
Equal Opportunity Housing and Equal Opportunity Employment
411 MCPP 1996 Fee Schedule
***Revised March 4, 1996***
Participating Amount Allocation Processing Total Fees
City Allocated Fee Fee Due
City of Albert Lea $401,152 $4,011.52 $80.00 $4,091.52
City of Alexandria $180,494 $1,804.94 $40.00 $1,844.94
City of Anoka $383,017 $3,830.17 $80.00 $3,910.17
Anoka County HRA $4,423,606 $44,236.06 $900.00 $45,136.06
City of Austin HRA $482,113 $4,821.13 $100.00 $4,921.13
City of Barnesville $100,000 $1,000.00 $20.00 $1,020.00
Beltrami County $789,484 $7,894.84 $160.00 $8,054.84
City of Bloomington $1,896,228 $18,962.28 $380.00 $19,342.28
Blue Earth County $1,203,039 $12,030.39 $240.00 $12,270.39
Breckenridge Port Authority $100,000 $1,000.00 $20.00 $1,020.00
City of Brooklyn Center $623,100 $6,231.00 $120.00 $6,351.00
City of Brooklyn Park $1,279,078 $12,790.78 $260.00 $13,050.78
City of Buffalo $168,922 $1,689.22 $40.00 $1,729.22
Carver County HRA $1,203,696 $12,036.96 $240.00 $12,276.96
Clearwater County $100,000 $1,000.00 $20.00 $1,020.00
City of Columbia Heights $413,052 $4,130.52 $80.00 $4,210.52
Crow Wing County HRA $1,000,000 $10,000.00 $200.00 $10,200.00
Crystal EDA $518,513 $5,185.13 $100.00 $5,285.13
City of Detroit Lakes $159,581 $1,595.81 $40.00 $1,635.81
City of Dilworth $100,000 $1,000.00 $20.00 $1,020.00
Dodge Center EDA $100,000 $1,000.00 $20.00 $1,020.00
City of Duluth $1,875,731 $18,757.31 $380.00 $19,137.31
City of Eden Prairie $966,653 $9,666.53 $200.00 $9,866.53
City of Edina $1,024,667 $10,246.67 $200.00 $10,446.67
V Elk River Housing and $280,246 $2,802.46 $60.00 $2,862.46 fl
City of Fergus Falls $275,543 $2,755.43 $60.00 $2,815.43
City of Fridley HRA $614,787 $6,147.87 $120.00 $6,267.87
City of Glencoe $107,693 $1,076.93 $20.00 $1,096.93
MINNESOTA HOUSING FINANCE AGENCY
MINNESOTA CITIES PARTICIPATION PROGRAM
PROGRAM APPLICATION-COMMITMENT
AGREEMENT
THIS APPLICATION AND AGREEMENT is made and entered into by and between
the Elk River Housing and Redevelopment Authority (hereinafter refereed to as the "City"), with
its office at, 13065 Orono Parkway, Elk River, Minnesota 55330-1743, and the Minnesota
Housing Finance Agency (hereinafter referred to as the "MHFA"), with its office at 400 Sibley
Street- Suite 300, St. Paul, Minnesota 55101-1998.
WITNESSETH:
WHEREAS, the MHFA, under the provisions of Minn. Stat. §474A.061 Subd. 2a (1995
Suppi.), is authorized to issue qualified mortgage bonds, as such term is used in the Internal
Revenue Code of 1986, as amended through the date of this agreement, on behalf of the City,and
it has issued, or will issue, such bonds on the behalf thereof; and
WHEREAS, the MHFA has implemented the Minnesota Housing Finance Agency
Minnesota Cities Participation Program (hereinafter referred to as the "Program"),and is using, or
will use,the proceeds from the issuance of such bonds to fund the Program;and
WHEREAS, the City has requested and received a set-aside of funds from the Program;
and
• WHEREAS, the City wishes to obtain a commitment by MHFA to purchase mortgage
notes and mortgages (hereinafter referred to as "Mortgages")which will be originated by a lender
or lenders which meet MHFA requirements for participation in programs funded by qualified
mortgage bonds,designated by the City(hereinafter cumulatively referred to as the"Lender");and
WHEREAS, Mortgages to be purchased by the MHFA pursuant to the commitment
requested by the City must only be for residences located within a geographic area to be established
and designated by the City;and
WHEREAS,the MHFA is willing to issue a commitment wherein it will agree to purchase
Mortgages which are(i)originated by the Lender, (ii) reviewed, when required by the MHFA, in
its sole option and discretion, by an entity to be designated by the MHFA(hereinafter referred to as
the "File Reviewer"), and (iii) are in accordance with the terms and conditions of this Agreement,
the Program,and a procedural manual to be supplied by the MHFA(hereinafter referred to as the
"Procedural Manual"), the provisions of which are hereby incorporated by reference into this
Agreement as if set forth in full herein; and
WHEREAS,MHFA is willing to issue to the Lender a commitment under this Agreement,
after it has been fully executed by all of the parties hereto (the fully executed document is
hereinafter referred to as the "Program Commitment Agreement"), to purchase Mortgages
originated by the Lender in accordance with the terms set forth hereinbelow, the provisions of the
Program and Procedural Manual, and the terms of any other agreement entered into between the
MHFA and the Lender.
NOW, THEREFORE, in consideration of the covenants hereinafter contained and the
mutual benefits to be derived therefrom,the parties hereto do hereby agree as follows:
1. City Requirements. All Mortgages submitted to the MHFA for purchase under the
Program must comply with all of the requirements of the Program, and all of the requirements and
provisions contained in the Procedural Manual and the Program Commitment Agreement.
2. Commitment and Commitment Amount. The City hereby applies for a
commitment by MHFA to purchase Mortgages which (i) have been originated by the Lender, (ii)
have been reviewed and approved, where applicable, by the File Reviewer, and (iii) meet the
requirements of and are made in accordance with the provisions of the Program Commitment
Agreement, the Program, and the Procedural Manual; and the MHFA, by accepting this Program
Application-Commitment Agreement,commits to the purchase of such Mortgages in the aggregate
principal amount(hereinafter referred to as the "Commitment Amount") set forth hereinbelow.
All Mortgages to be purchased by the MHFA pursuant to the Program Commitment
Agreement shall be only for property which, and borrowers who, satisfy the requirements and
provisions of the Program Commitment Agreement,the Program, and the Procedural Manual. the
City acknowledges that the commitment herein applied for shall be effective only upon the approval
thereof by MHFA at the place provided for hereinbelow, and the delivery of a copy of the same by
MHFA to the City, which approved application shall constitute the Program Commitment
Agreement.
City Participation Program Form 95-1 1 (Ver-6/2/95)
3. Variance in Com itment Amount. A variance of Fifteen Thousand and No/100
Dollars ($15,000.00) in the to . principal amount of Mortgages purchased under the Program
• • Commitment Agreement,abov. or below the Commitment Amount,shall be deemed by the MHFA
to constitute compliance with le Program Commitment Agreement.
4. Commencement o Activity. Upon the acceptance, execution, and delivery of the
Program Commitment Agreem.nt by MHFA to the City,the City shall select and designate Lender,
and shall have Lender enter in Jo and execute a Lender Application-Commitment Agreement in a
form to be supplied by the M I A. Lenders must meet MHFA requirements for participation in
programs funded by qualified s ortgage bonds.
5. Commitment Te c The term of the Program Commitment Agreement and the
City's participation in the Pro ram (hereinafter referred to as the "Commitment Term") shall
commence on a date to be sel-'ted and specified by the MHFA, and shall continue for a period of
time to be established by the HFA, in its sole option and discretion, provided, however, such
time period shall not be less 1 . Eight(8)months. The MHFA shall transmit a written notification
to the City of the date on hich the Commitment Term shall commence. The Program
Commitment Agreement,and s e City's participation in the Program,shall automatically terminate,
without the need for any action y either party hereto,at the end of the Commitment Term.
6. Set-Aside Term. The Commitment Amount shall be set-aside and held by the
MHFA for the sole use by the 1 ity for a period of time to be established by the MHFA,in its sole
option and discretion, provid .,, however, such time period shall not be less than Six(6)months
(hereinafter referred to as the"`et-Aside Term")commencing on a date to be selected and specified
by the MHFA. The MHFA si 1 transmit a written notification to the City of the date on which the
Set-Aside Term shall commen .
Any portion of the Co .'tment Amount not reserved for the purchase of qualifying
Mortgages as of the end of the Set-Aside Term shall be cancelled and returned to the MHFA for
redistribution under the Progr. i in accordance with the provisions contained in the Procedural
Manual. In addition, any porti•n of the Commitment Amount reserved for Mortgages which are
not delivered to the MHFA for •urchase within the time period delineated in the Procedural Manual
for such purchase, shall be c celled and returned to the MHFA for redistribution under the
Program, and any funds cont."fled in the Program at the end of the Commitment Term shall
become funds of the MHFA, • d transferred to whatever program the MHFA, in its sole option
and discretion,may designate.
7. Commitment Fe s. No commitment fee shall be payable by the City for the
commitment by the MHFA top tease qualifying Mortgages.
8. Purchase Price. + e e purchase price of each Mortgage to be purchased by MHFA
hereunder shall be as set forth i the Procedural Manual.
9. Mortgage Terms. The interest rate for all Mortgages shall be set from time to time
by the MHFA, at its sole optioo and discretion,by way of a written statement to the City and the
Lender;provided, however,an change in interest rate shall only apply to Mortgages for which an
individual commitment is issu-I after the City and the Lender have received such notification of
interest rate change. Mortgage shall meet all requirements of the Program, and those set forth in
the Program Commitment Ag : ment,the Procedural Manual, and either the Originating Lender
Application-Commitment Ag : ment or the Direct Seller Application-Commitment Agreement,
whichever is applicable.
10. Area Limitation. I he City hereby specifically agrees that the MHFA shall,pursuant
to the Program Commitment A Lreement,be required to purchase only those Mortgages which are
for residences located within a -ographic area to be established and designated by the City.
• 11. Warranties. The City hereby warrants to MHFA that,upon approval and delivery of
the Program Commitment Agreement by MHFA and the subsequent purchase by and delivery of
Mortgages to MHFA pursuant thereto, all such Mortgages will have been made in compliance
with, and will be in full compliance with, the terms and conditions contained in the Program
Commitment Agreement, the Program, and the Procedural Manual, and all warranties set forth in
the Procedural Manual are adopted and made by the City, and shall be applicable to each such
Mortgage.
12. Servicing. The servicing of Mortgages shall be the sole responsibility of MHFA, or
of those servicing institutions which MHFA may designate in its sole option and discretion.
13. Remedies. Time is of the essence hereof. In the event that the City defaults in the
observance or performance of any covenant or condition in the Program Commitment Agreement
or Procedural Manual, or in the event that any warranty made by the City with respect to any
Mortgage is found to be untrue,then the MHFA shall be entitled to all remedies at law or in equity
including, but not limited to; (i) the right to rescind acceptance of the Program Commitment
Agreement, (ii)the right to seek equitable relief by way of injunction(mandatory or prohibitory)to
City Participation Program Form 95-1 2 (Ver-6/2/95)
•
prevent the breach or threatened breach of any of the provisions of the Program Commitment
• Agreement, or to enforce the performance thereof, (iii) the right to seek damages, including
consequential damages, arising by virtue of the MHFA's sale of its debt securities in reliance on
the City's observance and performance of the provisions of the Program Commitment Agreement,
and(iv)the right to terminate the Program Commitment Agreement,and upon such termination the
City shall have no further rights pursuant hereto, provided, however, that such termination shall
not diminish MHFA's rights specified in the Program Commitment Agreement and in the
Procedural Manual. All such remedies shall be cumulative, and the exercise by the MHFA of any
one or more of them shall not in anyway alter or diminish the MHFA's right to any other remedy
provided herein or by law.
14. Contract Documents. All Mortgage transactions between the City and the MHFA
pursuant to the Program Commitment Agreement are on a contractual basis. The contract in each
instance consisting of the Program Commitment Agreement and the provisions and requirements
contained in the Procedural Manual,with all amendments and supplements thereto in any form in
effect as of the date of the MHFA's acceptance of the Program Commitment Agreement.
15. Assignment. Neither this Program Application-Commitment Agreement, the
Program Commitment Agreement,nor any interest therein is assignable or transferable by the City,
or by operation of law, without the prior written consent of the MHFA.
16. Paragraph Captions and Program Headings. The captions and headings of the
paragraphs of this Agreement are for convenience only,and shall not be used to interpret or define
the provisions thereof.
17. Applicable Law. The Program Commitment Agreement is made and entered into in
the State of Minnesota, and all questions relating to the validity, construction, performance and
• enforcement hereof shall be governed by the laws of the State of Minnesota.
18. Agreement Conditional Upon MHFA Approval. The Program Commitment
Agreement shall be a binding obligation of the MHFA upon its execution by the MHFA and
delivery of a copy of the same to the City. In the event that this Program Application-Commitment
Agreement is not,for any reason,so executed and delivered by the MHFA on or before the 24 day
of March 1996,it shall be null and void and of no force or effect.
19. Issuance of Bonds. The City does hereby authorize the MHFA to issue, on behalf
of the City,qualified mortgage bonds, as such term is used in the Internal Revenue Code of 1986,
in an amount equal to the Commitment Amount,and the MHFA agrees to so issue such bonds if
and when federal law authorizes and the MHFA deems it is economically feasible to do so.
(THE REMAINING PORTION OF THIS PAGE IS INTENTIONALLY LEFT BLANK)
I
City Participation Program Form 95-1 3 (Ver-6/2/95)
IN WITNESS WHEREOF, the City has set its hand this _day of ,
• . 1996.
CITY:
Elk River Housing and Redevelopment
Authority
By:
(Signature of Authorized Officer)
(Printed or Typewritten Name of
Authorized Officer)
REQUESTED COMMITMENT AMOUNT $ ,m,
MHFA APPROVAL
MHFA hereby accepts the above Program Application-Commitment Agreement and approves
and grants the following:
APPROVED COMMITiMMENT AMOUNT $286.980
MINNESOTA HOUSING FINANCE AGENCY
By:
Frances J. O'Neill
Its: Operations Manager.Minnesota Homes Division
Signed this day of June, 1996.
SUMMARY
(To be completed by MHFA)
City's requested commitment amount $M xmium
Commitment Amount granted by MHFA $286.980
City Participation Program Form 95-1 4 rver-6/1/051
ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
S)
MEMORANDUM
TO HRA COMMISSIONERS
FROM WILLIAM RUBIN, HRA EXECUTI
DIRECTOR `�;�C �'
DATE: JANUARY 30, 1996
SUBJECT: AGENDA MEMO FOR JANUARY 30
HRA MEETING
4. Home Mortgage Program
Since recent memory, the Minnesota Housing Finance Agency (MHFA)
has made its Minnesota City Participation Program (MCPP) available
a) to local governments as a way to access mortgage revenue bond
resources for first time home.buyers. In the very near future, MHFA is
expected to create a pool of mortgage revenue bonds in the range of$38
to $58 million for this program. Through MCPP, MHFA sells these
bonds on behalf of cities. The proceeds of the bonds provide below
market interest rate home mortgage loans for low- and moderate-
income home buyers that are entering the market for the first time
Applications for the 1996 program are due to MHFA beginning on
February 1 and ending on February 15, 1996. As with previous
programs, a qualifying income and a maximum purchase price
guideline will apply. For 1996, the MCPP in Elk River will allow
applicants with an adjusted gross income of$40,800 to qualify for this
financing program. Please note that the adjusted gross income is
calculated by taking the household's gross annual income and
subtracting $1,000 per household resident. With that, a family of four
c'elai have a gross income of$44,800 and qualify for the MCPP. The
maximum purchase price of each housing unit acquired through the
MCPP in Elk River is $95,000 (both new construction and existing
housing stock). Single family detached homes, townhomes,
condominiums, and duplexes (existing only) are eligible housing units
under the MCPP. Mobile homes, recreational, or investment
properties, etc., are not eligible for this program.
P.O..Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
41") In 1995, MHFA introduced a population-based allocation formula for
its MCPP. As a result, the Elk River HRA was allocated
approximately $256,500 in mortgage funds. A similar allocation can
be expected for 1996.
The Elk River MCPP includes five lenders to help originate home
requests from first time home buyers: First National Mortgage, Heigl
Mortgage, Norwest Mortgage, Inc., TCF Mortgage, and FBS Mortgage
Corporation. All lenders have a presence in Elk River as TCF opened
an interim office at 200 5th Street NW while its permanent facility in
Elk Park Center is under construction, and First Bank, N.A. has an
office at 631 Main Street.
The HRA's only out-of-pocket costs are that of a modest fee to help the
Department of Finance cover the costs associated with processing the
housing pool allotment requests. A fee in the amount of$20 per
$100,000 in allotment is required. For a $250,000 allotment, the
processing fee is$60. This fee is not due with the submission of the
application,but must be remitted with the allocation agreement which
finalizes each city's 1996 allocation. A separate 1 percent application
- deposit must also be returned with the allocation agreement.
However, the deposit is fully refunded, approximately one month after
MHFA's bond sale.
The Elk River MCPP application is included in the agenda packet.
Such things as the eligible organization (which is the HRA),
originating lenders, program specifics, and new construction
requirements, etc., are outlined in the application. There is no effort to
target specific population groups, housing stocks, or exclusive "set=
aside" arrangements with specific builders, developers, or realtors.
Action Requested
a: The HRA is asked to authorize an application to the Minnesota
Housing Finance Agency for a "maximum allowable" allocation
of its Minnesota City Participation Program (MCPP) funds for
first time home buyer mortgages:
b. The HRA is asked to designate five lenders for its 1996 MCPP
mortgage program:
- First National Mortgage - Heigl Mortgage
• - Norwest Mortgage, Inc. - TCF Mortgage
- First Bank, N.A.
ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
II
January 9, 1996
,
To: Riverfront Corridor Committee
Interested Parties
Re: ISTEA Application Update
Thank you for your continued support and interest concerning the
Mississippi Riverfront Pathway Project. By virtue of the January 3,
Riverfront Workshop, this project is taking on a distinctive set of historic
components. The project is now entitled, The Elk River Interpretive Trail and
will be positioned as an interpretive river walk depicting the historical
transportation systems of early pioneer trade, and, how those systems came
together to create the settlement of Elk River. This information is more
thoroughly outlined in a January 3 memo from Bruce Chamberlain of
Hoisington Koegler Group,Inc. A second enclosure provides an overview of
the project context and related project description.
II/ Please note that Mr. Chamberlain has identified ISTEA eligible expenditures
totaling $261,000. The design and administration costs drive this total to
$318,000. By way of action at the January 8 City Council meeting, Elk River
will apply for ISTEA funds in the amount of$198,000 (or 76% of the eligible
project costs). By adopting the resolution of support which will accompany
the ISTEA application, the City of Elk River has committed $120,000 for the
balance of the ISTEA project costs.
No action was taken on how to finance the remaining portion of the project
not covered by the ISTEA funds and related non-federal share, etc. This will
likely be left up to the City Council once the fate of the ISTEA application
has been determined. An unsuccessful ISTEA Grant request does not
.)'
necessarily spell the end to this project. However, it requires additional
analysis of the project and a determination as to how to best identify other
sources of funds.
Mr. Chamberlain expects that the City of Elk River will receive preliminary
notification on the ISTEA Grant by March or April. Additional information
will be passed along on a timely basis. It may also be necessary to
participate in an informal workshop with the City Council. This workshop is
. • intended to rebuild momentum and support for the Interpretive Trail Project.
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
r
In addition, more discussion will likely center around financing the local
share of the larger $960,000 project. The Riverfront Corridor Committee will
•
certainly be invited to participate in this workshop.
_ A v, .
s:eda/hra/rvrfrtco
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ATTACHMENT C
BRC FINANCIAL SYSTEM CITY OF ELK RIVER
02/20/96 08:43 Check Register GL540R-VO4.30 PAGE 6
OK VENDOR CHECK* DATE AMOUNT
HRA BANK OF ELK RIVER *020343
016338 HOISINGTON KOEGLER GROUP 1004 02/20/96 6,299.51
BANK OF ELK RIVER *020343 6,299.51 ***
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BRC FINANCIAL SYSTEM CITY OF ELK RIVER
09:40 Check Register 8L540R-VO4.30 PAGE 5
B4102/96
NK VENDOR CHECK# DATE AMOUNT
HRA BANK OF ELK RIVER #020343
023280 SCHWAAB INC 1003 02/05/96 49.00
BANK OF ELK RIVER #020343 49.00 ***
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