RES 12-04• Extract of Minutes of Meeting of the
City Council of the City of Elk River,
Sherburne County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Council of the City of Elk
River, Minnesota, was duly held in the City Hall in the City of Elk River, on Tuesday, January 17,
2012, commencing at 6:30 P.M.
The following members were present: Mayor John J. Dietz, Councilmemb~rs Pick Zerwas,
Jerry Gumphrey, and Paul Motin
and the following were absent: Councilman Matt westgaard.
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• Member Motin
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introduced the following resolution and moved its adoption:
RESOLUTION NO. 04
RESOLUTION APPROVING
A CAPITAL IMPROVEMENT PLAN AND
GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF CAPITAL
IMPROVEMENT BONDS
BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County,
Minnesota (the "City"), as follows:
Section 1. Background.
-1.01. The City is authorized under Minnesota Statutes, 475.521 (the "Act") to prepare a
capital improvement plan and carry out programs for financing certain capital improvements.
The City may issue general obligation bonds pursuant to the Act to finance the cost of capital
improvements described in the plan.
• 1.02. Before the approval of the Plan and issuance of any general obligation bonds
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under the Act, the Cit is re uired to hold a ublic hearin on the lan and issuance of the bonds.
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1.03. Pursuant to the Act, the City has caused to be prepared a five year capital
improvement Plan (the "Plan"), which describes certain capital improvements in the City for the
years 2012 through 2016.
1.04. The City has determined that it is in its best interests to give preliminary approval
to the issuance and sale of capital improvement bonds pursuant to the Act in a principal amount
not to exceed $7,300,000 (the "Bonds"), to finance a portion of the costs described in the Plan.
1.05. On this date, the Council held a public hearing on the Plan and the issuance of the
Bonds, after publication in the City's official newspaper of a notice of public hearing at least 14
days but. no more than 28 days before the date of the public hearing.
Section 2. Plan Ap rp oved•
2.01. The Council finds that the Plan will provide for certain capital improvements,
which serves the interests of the City as a whole.
2.02. The Plan is approved in the form on file in City Hall.
Section 3. Bonds Authorized. •
3.01. The City hereby gives preliminary approval to the issuance of Bonds in a
principal amount not to exceed $7,300,000, in order to finance certain capital improvements
described in the Plan, including costs of issuance of the Bonds, subject to further details
regarding the sale of the Bonds to be set forth in a resolution to be considered by the City
Council at a meeting to be held not less than 30 days from the date hereof.
3.02. City staff are authorized and directed to take all other actions necessary to carry
out the intent of this resolution.
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• The motion for the adoption of the foregoing resolution was duly seconded by Member
Zerwas ,and upon vote being taken thereon, the following voted in favor thereof:
Mayor John J. Dietz, Councilmembers Nick Zerwas, Jerry Gumphrey, and Paul Motin
and the following voted against: none
whereupon said resolution was declared duly passed and adopted.
Passed and adopted this 17~' day of January, 2012.
J J. etz, M yor
• ATT T:
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Tina Allard, City Clerk
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