Laserfiche WebLink
St. Anthony City and School District <br /> September 11, 2000 <br /> Page 3 <br /> In order to establish an abatement district, a plan needs to be prepared and a public <br /> hearing held. Both the City and School:District need to hold a hearing this meeting <br /> could be a joint hearing at a joint meeting of the City Council and School Board. <br /> Each entity would be required to pass a resolution approving the plan. <br /> Option 4: Referendum <br /> The City and School District could conduct a referendum whereby a majority of <br /> votes cast on the question would be required to issue the debt. <br /> Option 5: Cash and Abatement <br /> As noted heretofore, the use of abatement only will not fully support a bond issue <br /> which would generate $1.6 million in available funds for the project. The City could <br /> either make an initial cash contribution from its water trust fund and/or other <br /> available funds to make up the difference or it could pledge future allocations to <br /> make up the difference between .abatement revenue and required debt service. <br /> Depending on the mix of abatement,-an initial contribution from available sources <br /> would range from $730,000 to $990,000. Annual contributions would range from <br /> $70,915 to $96,335 for the term of the financing. The City and School District may <br /> elect to share in the contribution of this shortfall. _ <br /> We would be pleased to continue to work with the City and School District in the preparation of <br /> data needed for the public hearing and the implementation of the project. <br />