4.5. SR 08-02-2021
Request for Action
To Item Number
Mayor and City Council 4.5
Agenda Section Meeting Date Prepared by
Consent August 2, 2021 Lori Ziemer, Finance Director
Item Description Reviewed by
Resolution Authorizing Transfer from Cal Portner, City Administrator
Government Building Fund to 2020A and
Reviewed by
2020B Bonds Debt Service Funds
Action Requested
Adopt, by motion, a resolution authorizing the transfer from the Government Building Fund to the 2020A CIP
Debt Service and 2020B CIP Refunding Debt Service funds.
Background/Discussion
In November of 2020, the City Council authorized the issuance of $9,435,000 Capital Improvement Plan
Bonds, Series 2020A, for the expansion of the Public Safety Facility and construction of Fire Station #3. The
Council also authorized the issuance of $5,340,000 Capital Improvement Plan Refunding Bonds, Series 2020B,
to refund the Series 2010A and 2012A Capital Improvement Plan Bonds.
The bonds are a general obligation of the city payable by a tax levy or other sources. The scheduled interest
payment due August 2, 2021, is $140,875.47 for the 2020A CIP Bonds and $116,714.84 for the 2020B CIP
Refunding Bonds. Interest of $37,541.67 for the 2020B CIP Refunding Bonds is attributable to the refunded
2010A CIP Bonds payable by a debt service tax levy. The remaining interest of $79,173.17 for the 2020B CIP
Refunding Bonds, attributable to the 2012A CIP Bonds, and the $140,875.47 interest for the 2020A CIP Bonds
will come from the Government Building fund.
Financial Impact
The Government Building fund has a cash balance of $3,229,550 and will transfer $140,875.47 to the 2020A CIP
Debt Service Fund and $79,173.17 to the 2020B CIP Refunding Debt Service Fund.
Mission/Policy/Goal
Responsibly grow and develop a sustainable and prosperous community.
Attachments
Resolution
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity.
Updated: August 2020
City of Elk River
City Council
Resolution 21-55
A Resolution of the City Council of the City of Elk River Authorizing a
Transfer from the Government Building Fund to the 2020A CIP Debt
Service Fund and 2020B CIP Refunding Debt Service Fund
WHEREAS, The City Council authorized the issuance of the 2020A Capital Improvement
Bonds and the 2020B Capital Improvement Refunding Bonds on November 2, 2020.
WHEREAS, The bonds are a general obligation of the city payable by a tax levy or other
sources.
WHEREAS, The City Council has reviewed the request to transfer funds from the
Government Building fund for the debt service payments and consented to the following.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows: The transfer of $220,048.64 from the Government Building
Fund to:
2020A CIP Debt Service Fund $140,875.47
2020B CIP Refunding Debt Service Fund $79,173.17
Passed and adopted this 2nd day of August 2021.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk