92-051 RES
RESOLUTION 92 - ~1
A RESOLUTION FOR THE CITY OF ELK RIVER
.
A RESOLUTION REGARDING STATE AID BONDS
WHEREAS, the City of Elk River has issued and sold bonds, dated June 1, 1992, in the
amount of $1,095,000 exclusively for the purpose of establishing, locating,
relocating, constructing, reconstructing or improving its State-Aid
Highways or Streets in accordance with the Law; and,
WHEREAS, said City of Elk River has irrevocably pledged to the sinking fund from
which said obligations are payable, that amount of their future State-Aid
allotments as is permissible by Law and needed to pay the principal and
interest thereon; which principal payments shall be made from the Regular
construction account of such State-Aid fund and the interest payments made
from their Regular State-Aid maintenance account all as detailed herein:
YEAR DATE PRINCIPAL INTEREST TOTAL DUE
------ --------- --------- ----------
1993 Apr il 1 $120,000 $40,966.77
October 1 $22,420.00 $183,386.77
1994 Apr il 1 $145,000 $22,420.00
October 1 $19,520.00 $186,940.00
1995 Apr il 1 $150,000 $19,520.00
October $16,370.00 $185,890.00
1996 Apr il 1 $155,000 $16,370.00
October 1 $12,882.50 $184,252.50
. 1997 Apr il 1 $165,000 ~ $12 t 882 . 50
October 1 $ 9,005.00 $186,887.50
1998 Apr il 1 $175,000 $ 9,005.00
October 1 $ 4,717.50 $188,722.50
1999 April 1 $185,000 $ 4,717.50 $189,717.50
NOW, THEREFORE, BE IT RESOLVED that the Commissioner of Transportation be and is
hereby requested to keep a bond record in his office for the City of Elk
River.
BE IT FURTHER RESOLVED that the Commissioner of Transportation be and is hereby
requested upon receipt of this resolution to annually certify to the
Commissioner of Finance the sum of money required for thr principal and
interest on said bonds.
CERTIFICATION
I, Patrick D. Klaers, duly appointed and qualified Administrator in and for the
City of Elk River, State of Minnesota, do hereby certify that the above is a true
and full copy of a resolution duly adopted by the City Council of said City
assembled in regular session on the 15th day of June, 1992.
(SEAL)
qJ/)~~/
Patrick D. Klaers, City Administrator
City of Elk River
.
Submit:
1 copy to State Aid Office