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DELAHUNT VOTO & CO., LTD. <br />CERTIFIED PUBLIC ACCOUNTANTS <br />/ Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263 <br />RONALD 1. Utr HlJNf, RETIRFD <br />RORER! I. VOW, CPA <br />NINOTHY L. REARDOPN. CPA <br />RORER! C. iAUTCFS, CPA <br />January 5, 1983 <br />Mr. Joseph C. Chlebeck, City Clerk <br />City of Little Canada <br />515 Little Canada Road <br />St. Paul, Minnesota 55117 <br />RE: FINANCING OPTIONS - SENIOR CITIZEN PROJECT - $140,000 <br />Dear Joe: <br />As you are aware, the financial environment for your City (on all Minnesota <br />local government units) is extremely uncertain. Accordingly, financial <br />resources to to acquire the land for the Senior Citizen Project are limited. <br />The following sources have been or could be looked into. <br />1. Federal and /or State C.D.B.G Grants. <br />2. Bonding <br />3. Sale of un- utilized City property. <br />4. Existing Reserve Balances. <br />Obviously, the best source would be a Federal or State Grant. The City has <br />already applied and been denied a Federal C.D.B.G. Grant under the Federal <br />F.Y. 82 year and the City is in the process of applying to the State under the <br />F.Y. 83 year. I recommend that the City solicit the aid and support of <br />Federal, State and other local (County and School District) Officials to <br />enhance the City's rating in this application. Total Grant dollars are <br />limited and competition for these dollars are great. Accordingly, support <br />from other Officials should help the City. In the absence of such a Grant, <br />local City financial resources are the next option. <br />The City could possibly bond for such a project. However, a referendum would <br />probably be required. Additionally, the bonds would probably be retired by <br />general property taxes over the term of the bond issue. <br />ei0 <br />MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION <br />MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS <br />MUNICIPAL FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION Of SCHOOL BUSINESS OFFICIALS <br />