6.4. SR 12-05-20111-~
1 - REQUEST FOR ACTION
R.i~rer
TO ITEM NUMBER
Ma or and Ci Council 6.4.
AGENDA SECTION MEETING DATE PREPARED BY
Administration December 5, 2011 Tim Simon, Finance Director
ITEM DESCRIPTION REVIEWED By
Resolution Calling a Public Hearing on a Capital Improvement Cal Portner, Ci Administrator
Plan and Issuance Of Bonds REVIEWED BY
ACTION REQUESTED
Council is asked to consider a Resolution Calling a Public Hearing on a Capital Improvement Plan and
Issuance of Bonds
BACKGROUND/DISCUSSION
The Public Works Committee is continuing to work with RJM Construction and the 292 Design Group
on the public works facility project. Earlier this year the Council approved a transfer in the amount of
$2.75 million from the Liquor Store to the Government Building Fund for the project. The remaining
amount will be General Obligation Capital Improvement Plan Bonds. The only action requested tonight
is to call for the public hearing on the bonds.
FINANCIAL IMPACT
The bonds will be repaid from the Government Building Fund and no tax levy is anticipated for the
repayment of the principal and interest.
ATTACHMENTS
Resolution Calling a Public Hearing on a Capital Improvement Plan and Issuance Of Bonds
ACt10(1 Morton by Second by Vote
Follow Up
~~^E~flr er
N:\Public Bodies\Ciry Council\Council RCA\Agenda Packet\12-05-2011\PublichearingPWbonds[1].docx
RESOLUTION NO. I I -
RESOLUTION OF THE CITY OF ELK RIVER
RESOLUTION CALLING A PUBLIC HEARING ON A
CAPITAL IMPROVEMENT PLAN AND ISSUANCE OF BONDS
BE IT RESOLVED By the Ciry Council of the Ciry of Elk River, Sherburne County,
Minnesota (the "City") as follows:
Section 1. Background.
1.01. The city is authorized by Minnesota Statutes, Section 475.521 (the "CIP Act") to
finance certain capital improvements under an approved Capital Improvement Plan (the "CIP
Plan") and to issue general obligation bonds to finance capital improvements set forth in the CIP
Plan -(the "CIP Bonds").
1.05 Pursuant to the CIP Act, before adopting a CIP Plan or issuing bonds under a CIP
Plan, the Ciry Council is required to hold a public hearing. regarding the CIP Plan and issuance of
the CIP Bonds.
1.06. Under the proposed CIP Plan, the city .will issue CIP Bonds to finance the
construction of an addition to its public works facility as forth in the CIP Plan in the maximum
principal amount of $7,300,000.
Section 2. Hearings Scheduled.
2.01. The City Council will hold a public hearing regarding the approval of the CIP Plan
and issuance of the CIP Bonds on Tuesday, January 17, 2012, at approximately 6:30 p.m. at City
Hall. The City Clerk is authorized and directed to publish a notice substantially the form attached as
EXHIBIT A, to be published in the official newspaper of the city at least 14 days but no more than
28 days before the date of the hearing.
2.02. City staff and consultants are authorized to take all other actions needed to bring the
CIP Plan and the issuance of the CIP Bonds before the City Council.
395243v2 JSB EL185-15
Passed and adopted this 5~' day of December 2011.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk
395243v2 JSB EL185-15
EXHIBIT A
NOTICE OF PUBLIC HEARING
CITY OF ELK RIVER, MINNESOTA
2012-2016 CAPITAL IMPROVEMENT PLAN
AND NOTICE OF INTENTION TO ISSUE
CAPITAL IMPROVEMENT BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City of Elk River, Minnesota
(the "City") will meet on Tuesday, January 17, 2012, at or after 6:30 p.m., at the City Hall in Elk
River, Minnesota, in part to hold a public hearing concerning (1) the issuance of general
obligation bonds (the "Bonds") in a principal amount not to exceed $7,300,000; and (2) the
proposal to adopt a Capital Improvement Plan therefore pursuant to Minnesota Statutes, Section
475.521. The Bonds will allow the city to construct an addition to its public works facility. The
city proposes revenues from its government buildings fund rather than a tax levy to pay the
annual principal of and interest on the Bonds.
All persons interested may appear and be heard at the time and place set forth above.
If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to five
percent of the votes cast in the city in the last general election, is filed with the City
Administrator within 30 days after the public hearing (i.e., by February 16, 2012), the city may
issue the Bonds only after obtaining approval of a majority of voters voting on the question at an
election.
A copy of the plan is available for inspection in the City Administrator's Office, City
Hall, 13605 Orono Parkway, Elk River, Minnesota 55330. Question or comments may be
directed to the City Administrator's Office at 763-635-1000.
All interested persons may appear and be heard at the public hearing either orally or in
writing, or may file written comments with the City Clerk before the hearing.
BY ORDER OF THE CITY COUNCIL OF
OF THE CITY OF ELK RIVER, MINNESOTA
395243v1 JSB EL185-15
A-1