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April ] O, 2003 <br /> <br />NORTHLAND~ SEC URITIES <br /> <br />Jim Norman, Administrator <br />Diana Lund, Finance Director <br />City of Rarnsey <br />15153 Nowthen Blvd NW <br />Ramsey, MN 55303 <br /> <br />Re: Financing Options -Towne Center Infrastructure <br /> <br />Dear Jim and Diana: <br /> <br /> The following summary has been prepared to serve as a reference for "practical" <br />debt finance options related to infrastructure needs within rite proPosed Towne Center <br />development. The information in this summary is based on Minnesota Statutes 2003 <br />and does not address any possible changes to current law. <br /> <br />New Street Construction <br /> <br /> : ':' :.. :.: :: ;::. ::i..~':: :? ~.~'~!! :;:.: 5.. <br />Sources of Minimum of 20% special assessments against benefited property. Any other <br />Revenue for municipal revenues may be Used including property taxes. <br />Debt Service <br />Type of General Obligation Improvement Bonds or Assessment Revenue Notes. <br />Debt Temporand hnprovement Bonds and Permanent Improvement Revolving Fund Bonds are an <br /> alternative to General Obligation Improvement Bonds depending on circumstances - t~dpically rate <br /> of assessment collection e:cpected. <br />Comments No election required if more than 20% of the cost of the improvement is assessed. <br /> Not subject to debt limit <br /> Any property tax levy that s required is outside of levy limits <br /> <br />Sources of State Aid Road Funds - maximum annual debt service cannot exceed 50% of, <br />Revenue for last state-aid street construction fund revenue. <br />Debt Service <br />Type of Debt General Obligation State Aid Street Bonds ~ <br />Comments No election required <br /> Not subject to debt limit <br /> Any property tax levy that s required is outside of levy limits <br /> <br />Norrhh, nd Securities, lnc. 45 South 7th Street. StlJte 2500. Minneapolis. MN 554(12 'n,H I:,,.~ 1-800-851-2920 ,~l~,i,, 6[2-851-5900 ~:,~ 6[2-851-5987 <br />www. norrhlandsecurities.ctm~ <br /> Member NASD and SIPC <br /> 2§ <br /> <br /> <br />