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24 <br /> EHLERS <br /> & ASSOCIATES INC <br /> To: Mike Mornson, St. Anthony Village <br /> From: Jim Prosser, Ehlers Associates <br /> Subject: Call Authorization for 1995 TIF Bonds <br /> IBM <br /> Date: December 1, 2003 <br /> The City of St. Anthony issued$2.65 million in bonds to fund a portion of the Community <br /> Center(City Hall)project. The debt service for these bonds is paid from Kenzie tax increment <br /> revenue. The increment from the bonds has exceeded debt service requirements and as a result, <br /> the City has sufficient funds to pay off the outstanding bonds. The call date on these bonds is <br /> February, 2004. In order to call the bonds on that date, it is necessary to issue a call notice 30 <br /> days prior to February 1, 2004. A resolution has been prepared authorizing the bond call. Once <br /> this resolution has been approved, Ehlers will prepare and deliver the call notice and coordinate <br /> the final payout. <br /> The City has invested the funds required to redeem the outstanding bonds. These investments <br /> will be converted to cash prior to the closing date. The amount of funds required at closing is <br /> estimated at$1.28 million plus accrued interest. Ehlers will coordinate the timely transfer of <br /> funds required to complete this call with Roger Larson. <br /> Earlier this year, the City initiated action to decertify the Kenzie tax increment district. This <br /> decertification will be effective for the 2004 tax year. It is expected that the City's tax capacity <br /> will increase by about 6%. This increased base will provide a significant benefit for taxpayers. <br /> Jim Prosser,CIPFA (651)697-8503 Fax:(651)697-8555 <br /> Executive Vice President/Director jim@ehlers-inc.com <br /> 3060 Centre Pointe Drive http://www.ehlers-inc.com <br /> Roseville,MN 55113-1105 <br />