7.4. SR 07-17-2006
City of Elk River
REQUEST FOR COUNCIL ACTION
Agenda Section Meeting Date
.L\dministration ulv 17, 2006
Item Description
:Nfotion Calling for Public Hearing to Discuss the Capital
Improvement Plan for tlle Purpose of Issuing Bonds for tile
Librarv Ex ansion
Item Number
7.4.
Prepared by
Lori ohnson, Ci T Administrator
Reviewed by
Introduction
Tile city intends to issue capital impro\rement bonds to fund a portion of the ne'\v library. In order to
issue bonds, the city must llold a public hearing on its Capital Improvement Plan and the issuance of
bonds for tile projects included in the Capital Impro'vement Plan.
Discussion
TIle public llearing ~\lill be held on August 21 to discuss the libral)T expansion in particular and tlle
issuance of Capital Impro\Tement Bonds for that project. TIle resolution calling tlle public I1earing states
tllat tile city is considering issuing up to $5 million in bonds for this project. As you knO\V, tlle Council
llas set a project cost of not-to-exceed $4.3 million. In addition, up to $1.5 million of project costs may be
funded internally; tllerefore, the bond issue \vill be significantly less that $5 million.
Financial Impact
None
Attachments
. Resolution Calling for a Public Hearing on a Capital Impro\lement Plan and the Issuance of Capital
Impro\rement Bonds
Action Requested
Consider Resolution Calling for a Public Hea11.ng on a Capital Impro\lement Plan and tlle Issuance of
Capital Ilnprov~ement Bonds.
Council Action
J\fotion by _
Second by _
'Tote
Follow Up
s: \ Council\Lori \2006 \Library CIP PI-Ldoc
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
ELK RIVER, MINNESOTA
HELD: July 17, 2006
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Elk River, Minnesota, was duly held at the City Hall in said City on Monday, the 17th day of
July, 2006, at 6:30 o'clock P.M., for the purpose in part of calling for a public hearing on a
lTIodification to its capital improvement plan and the issuance of Capital Improvement Bonds.
The following members were present:
and the following were absent:
introduced the following resolution and moved its adoption:
Men1ber
RESOLUTION CALLING FOR A PUBLIC HEARING ON
A CAPITAL IMPROVEMENT PLAN AND THE ISSUANCE OF
CAPITAL IMPROVEMENT BONDS
WHEREAS,
A. Pursuant to Minnesota Statutes, Section 475.521, the City of Elk River,
Minnesota (the "City") is authorized to adopt a capital improvement plan and issue bonds to
finance capital improvements described therein; and
B. Prior to the issuance of bonds for a capital improvement project, the City Council
must hold a public hearing, as required by Mi1ll1esota Statutes, Section 410.326, Subdivision 2;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota, as follows:
(1) Hearing. A public hearing on the adoption of the modified Capital
Improvement Plan and the issuance of Capital hnprovement Bonds to finance capital
improvements related to funding and construction of a new library will be held at the time and
place set forth in the Notice of Hearing attached hereto as Exhibit A and hereby made a part
hereof.
(2) Notice. The City Clerk is hereby authorized and directed to cause notice
of said hearing in substantially the form attached hereto as Exhibit A to be given one publication
ill a newspaper of general circulation in the City at least 14 days but not more than 28 days
before the hearing. The newspaper must be the City's official newspaper or one of general
circulation in the City, and the notice must be published at least once.
1542675v1
The motion for the adoption of the foregoing resolution was duly seconded by member
and, upon a vote being taken thereon after full discussion thereof, the following
voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
1542675\'1
2
STATE OF MINNESOTA )
) SS
COUNTY OF SHERBURNE)
I, the undersigned, being the duly qualified and acting Clerk of the City of Elk River,
Minnesota (the "City"), by reason of my office as Clerk, DO HEREBY CERTIFY that I have
compared the attached and foregoing extract of minutes with the original thereof on file in my
office, al1d that the same is a full, true and complete transcript of the minutes of a meeting of the
City Council of the City, duly called and held on the date therein indicated, insofar as such
minutes relate to the calling of a public hearing on a modified Capital Improvement Plan and the
proposed issuance of Capital Improvement Bonds to finance capital improvements therewith.
WITNESS my hand this _th day of July, 2006.
City Clerk
1542675vl
3
EXHIBIT A
NOTICE OF PUBLIC HEARING
CITY OF ELK RIVER
MODIFIED CAPITAL IMPROVEMENT PLAN
AND NOTICE OF INTENTION TO ISSUE
CAPITAL IMPROVEMENT BONDS
Notice is hereby given that a public hearing has been scheduled for Monday August 21st,
2006 at 6:30 p.m. in the City Hall, Elk River, Minnesota. The purpose of the public hearing is
the review, discussion and approval of the proposed modified Capital Improvement Plan for the
City of Elk River (the "City") and consideration of the issuance of Capital Improvement Bonds
in the amount of up to $5,000,000 for the funding and construction of a new library as part of the
City's Capital Improvement Plan. The plan identifies estimated capital expenditures and funding
sources for a five-year period. If approved by the City, the plan will enable the issuance of
general obligation bonds by the City. A referendum on the question of issuing the bonds must be
held if a petition requesting a vote on the issuance is signed by votes equal to five percent of tIle
votes cast in the City in the last general election and is filed with the City Clerk within 30 days
after the public hearing. A copy of the plan is available for inspection in the City Clerk's Office,
City Hall, 13065 Orono Parkway, Elk River, Minnesota 55330. Question or comments maybe
directed to the City Clerk's Office at 763-635-1000.
City Clerk
A-I
1542675vl
~andouJ- lkrt 7. 4.
l/JlflJlp
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
ELK RIVER, MINNESOTA
HELD: July 17, 2006
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Elk River, Minnesota, was duly held at the City Hall in said City on Monday, the 17th day of
July, 2006, at 6:30 o'clock P.M., for the purpose in part of calling for a public hearing on a
modification to its capital improvement plan and the issuance of Capital Improvement Bonds.
The following members were present:
and the following were absent:
Member
introduced the following resolution and moved its adoption:
RESOLUTION 06-
RESOLUTION CALLING FOR A PUBLIC HEARING ON
A CAPITAL IMPROVEMENT PLAN AND THE ISSUANCE OF
CAPITAL IMPROVEMENT BONDS
WHEREAS,
A. Pursuant to Minnesota Statutes, Section 475.521, the City of Elk River,
Minnesota (the "City") is authorized to adopt a capital improvement plan and issue bonds to
finance capital improvements described therein; and
B. Prior to the issuance of bonds for a capital improvement project, the City Council
must hold a public hearing, as required by Minnesota Statutes, Section 475.521, Subdivision 2;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota, as follows:
(1) Hearing. A public hearing on the adoption of the modified Capital
Improvement Plan and the issuance of Capital Improvement Bonds to finance capital
improvements related to funding and construction of a new library will be held at the time and
place set forth in the Notice of Hearing attached hereto as Exhibit A and hereby made a part
hereof.
(2) Notice. The City Clerk is hereby authorized and directed to cause notice
of said hearing in substantially the form attached hereto as Exhibit A to be given one publication
in a newspaper of general circulation in the City at least 14 days but not more than 28 days
before the hearing. The newspaper must be the City's official newspaper or one of general
circulation in the City, and the notice must be published at least once.
The motion for the adoption of the foregoing resolution was duly seconded by member
and, upon a vote being taken thereon after full discussion thereof, the following
voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Stephanie Klinzing, Mayor
ATTEST:
Joan Schmidt, City Clerk
2
STATE OF MINNESOTA )
) SS
COUNTY OF SHERBURNE)
I, the undersigned, being the duly qualified and acting Clerk of the City of Elk River,
Minnesota (the "City"), by reason of my office as Clerk, DO HEREBY CERTIFY that I have
compared the attached and foregoing extract of minutes with the original thereof on file in my
office, and that the same is a full, true and complete transcript of the minutes of a meeting of the
City Council of the City, duly called and held on the date therein indicated, insofar as such
minutes relate to the calling of a public hearing on a modified Capital Improvement Plan and the
proposed issuance of Capital Improvement Bonds to finance capital improvements therewith.
WITNESS my hand this _tp. day of July, 2006.
City Clerk
3
EXHIDIT A
NOTICE OF PUBLIC HEARING
CITY OF ELK RIVER
MODIFIED CAPITAL IMPROVEMENT PLAN
AND NOTICE OF INTENTION TO ISSUE
CAPITAL IMPROVEMENT BONDS
Notice is hereby given that a public hearing has been scheduled for Monday August 21st,
2006 at 6:30 p.m. in the City Hall, Elk River, Minnesota. The purpose of the public hearing is
the review, discussion and approval of the proposed modified Capital Improvement Plan for the
City of Elk River (the "City") and consideration of the issuance of Capital Improvement Bonds
in the amount of up to $5,000,000 for the funding and construction of a new library as part of the
City's Capital Improvement Plan. The plan identifies estimated capital expenditures and funding
sources for a five-year period. If approved by the City, the plan will enable the issuance of
general obligation bonds by the City. A referendum on the question of issuing the bonds must be
held if a petition requesting a vote on the issuance is signed by votes equal to five percent of the
votes cast in the City in the last general election and is filed with the City Clerk within 30 days
after the public hearing. A copy of the plan is available for inspection in the City Clerk's Office,
City Hall, 13065 Orono Parkway, Elk River, Minnesota 55330. Question or comments may be
directed to the City Clerk's Office at 763-635-1000.
City Clerk
A-I