RES 06-102
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RESOLUTION 06- 101
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA
HELD: August 21,2006
Pursuant to due call and notice thereof, a regular or special meeting of the City Council of
the City of Elk River, Minnesota, was duly called and held at the City Hall in Elk River, Minnesota
on August 21, 2006, at 6:30 p.m. for the purpose, in part, of giving preliminary approval to the
issuance of general obligation capital improvement plan bonds and adopting the capital
improvement plan.
The following members were present:
Mayor Klinzing, Councilmembers Motin, Dietz, Farber, and
Gumphrey
and the following were absent:
None
Member Motin
introduced the following resolution and moved its adoption:
RESOLUTION GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE OF
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN
AMOUNT NOT TO EXCEED $5,000,000 AND ADOPTING THE CITY OF ELK
RIVER, MINNESOTA, CAPITAL IMPROVEMENT PLAN THEREFOR
A. WHEREAS, the City Council of the City of Elk River, Minnesota (the "City")
proposes to issue its general obligation capital improvement plan bonds (the "Bonds") and adopt
the 2006 through 2010 Modification to the Five- Year Capital Improvement Plan for the City of Elk
River, Minnesota Relating to the Expansion of Municipal Facilities (the "Plan"); and
B. WHEREAS, the City has caused notice of the public hearing on the intention to
issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in
accordance with Minnesota Statutes, Section 475.521; and
C. WHEREAS, a public hearing on the intention to issue the Bonds and on the
proposed Plan has been held on this date, following published notice of the public hearing as
required by law; and
D. WHEREAS, in approving the Plan, the City Council considered for each project and
for the overall Plan:
1. The condition of the City's existing infrastructure, including the projected
need for repair and replacement;
2. The likely demand for the improvement;
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3. The estimated cost of the improvement;
4. The available public resources;
5. The level of overlapping debt in the City;
6. The relative benefits and costs of alternative uses ofthe funds;
7. Operating costs of the proposed improvements; and
8. Alternatives for providing services more efficiently through shared facilities
with other local governmental units; and
E. WHEREAS, the City Council has determined that the issuance of general obligation
capital improvement plan bonds in the aggregate principal amount of $5,000,000, is the best way to
finance those portions of Plan eligible under Minnesota Statutes, Section 475.521.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota, that the City hereby adopts the Capital Improvement Plan and authorizes the issuance
of up to $5,000,000 aggregate principal amount of general obligation capital improvement plan
bonds.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Dietz and, after full discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof:
Mayor Klinzing, Councilmember Motin, Farber, Dietz, and Gumphrey
and the following voted against the same:
None
Whereupon the resolution was declared duly passed and adopted.
ATTEST:
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Joan S~idt, City Clerk
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