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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />April 23, 1993 <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />RE: $1 Million General Obligation Improvement Bonds of 1993 <br />Enclosed under separate cover are the detailed recommendations from <br />Springsted, Inc. related to the above - referenced bond issue. These <br />bonds are being issued to finance the assessable portion of the <br />following projects: <br />*Edgerton Water Main; <br />*Vanderbie /Allen Improvements; <br />*Costa Lane Improvements; <br />*Nadeau Road Reconstruction; <br />*LaBore Road Reconstruction; <br />*Ryan Industrial Park Road Imp. <br />CITY'S SHARE OF COSTS/ <br />SOURCE OF FINANCING <br />$138,849 /Water & Sewer <br />Capital Reserve Account <br />$193,571/MSA Construction/ <br />Closed Bond Funds /Street <br />Overlay Fund <br />so <br />$18,790 /MSA Construction/ <br />Closed Bond Funds /Street <br />Overlay Fund <br />MSA Project <br />$50,000 /MSA Construction/ <br />Closed Bond Funds /Street <br />Overlay Fund <br />This issue does not finance any portion of the City's contributions <br />to the above - reference projects. You will note in the <br />recommendations that the City's share of the projects is estimated to <br />be $401,210. <br />A key assumption in the 1993 Improvement Bond Issue is the <br />anticipated assessment prepayments. Because we have a number of lots <br />Page 4 <br />