RES 20-76CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 20-76
RESOLUTION APPROVING
A CAPITAL IMPROVEMENT PLAN AND
GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF CAPITAL
IMPROVEMENT BONDS
BE IT RESOLVED by the City Council (the "Council") of the City of Elk River,
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 under
the Act, the City is required to hold a public hearing on the plan and issuance of the bonds.
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 2020 through
2025.
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 (the `Bonds"), in one or more
series an aggregate amount not to exceed $17,500,000 (in addition to amounts issued to finance other
capital improvements under the Plan) to finance a portion of the capital improvements set forth in
the Plan including without limitation capital improvements related to the City's Public Safety Building
and the City's fire station #3.
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 Approved.
2.01. The Council finds that the Plan will provide for certain capital improvements which
serve the interests of the City as a whole.
2.02. The Plan is approved in the form on file in City Hall.
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Section 3. Bonds Authorized.
3.01. The City hereby gives preliminary approval to the issuance of Bonds in one or more
series an aggregate amount not to exceed $17,500,000 (in addition to amounts issued to finance other
capital improvements under the Plan) to finance a portion of the capital improvements set forth in
the Plan including without limitation capital improvements related to the City's Public Safety Building
and the City's fire station #3 and 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
subsequent meeting.
3.02. If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to
5% of the votes cast in the last municipal general election, is filed with the City Clerk within 30 days
after the date of the public hearing, the City may issue the Bonds only after obtaining approval of a
majority of voters voting on the question at an election.
3.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Council, by at least a
two-thirds vote of all of its members, finds that the Plan and the improvements to be financed with
the Bonds do not impact and do not have a relationship to the City's comprehensive plan; the Plan
and improvements are consistent with the City's comprehensive plan; therefore, the Council dispenses
with the requirements of Minnesota Statutes, Section 462.356, subd. 2 relating to planning commission
review of the Plan and the improvements.
3.04 City staff are authorized and directed to take all other actions necessary to carry out
the intent of this resolution.
Approved this 2" a day of November, 2020, by the City Council of the City of Elk River, Minnesota.
CITY OF ELK RIVER, MINNESOTA
ietz ayor
ATTEST:
- W
Tina Allard, City Clerk
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