HomeMy Public PortalAbout2011-092 Resolution Adopting Capital Improv. Plan & Preliminary Approval for Issuance of BondsMember Martinson introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2011-92
ADOPTING A CAPITAL IMPROVEMENT PLAN AND
PROVIDING PRELIMINARY APPROVAL FOR THE
ISSUANCE OF BONDS THEREUNDER
WHEREAS, pursuant to Minnesota Statutes, Section 475.521, as amended (the "Act"),
cities are authorized to adopt a capital improvement plan and carry out programs for the financing
of capital improvements; and
WHEREAS, the City of Medina, Minnesota (the "City"), has caused to be prepared the
"2011-2015 Five Year -Capital Improvement Plan for the City of Medina" (the "Capital
Improvement Plan"); and
WHEREAS, on the date hereof, the City Council of the City (the "Council") has conducted
a duly noticed public hearing regarding adoption of the Capital Improvement Plan pursuant to the
requirements of the Act and the issuance of general obligation bonds thereunder in a maximum
principal amount of $6,500,000; and
WHEREAS, in considering the Capital Improvement Plan, the Council has considered for
each project and for the overall Capital Improvement 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;
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 of the funds;
7. operating costs of the proposed improvements; and
8. alternatives for providing services more efficiently through shared
facilities with other local government units.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MEDINA, MINNESOTA:
1. The Capital Improvement Plan is hereby approved.
2. City staff are hereby authorized to do all other things and take all other actions as
may be necessary or appropriate to carry out the Capital Improvement Plan in accordance with any
applicable laws and regulations.
Resolution No. 2011-92
October 4, 2011
3. The City gives preliminary approval to the issuance of the bonds in the maximum
principal amount of $6,500,000, provided that if a petition requesting a vote on issuance of the
bonds, signed by voters equal to five percent of the votes cast in the last general election, is filed
with City Administrator -Clerk by November 3, 2011, the City may issue the bonds only after
obtaining approval of a majority of voters voting on the question at an election.
Adopted this 4`h day of October, 2011.
ATTEST:
Scott T. Johnson, City Administrator -Clerk
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T.M. Crosby, Jr., Mayor
The motion for the adoption of the foregoing resolution was duly seconded by member Siitari
and upon vote being taken thereon, the following voted in favor thereof
Crosby, Martinson, Pederson, Siitari
And the following voted against same: (Absent: Weir)
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2011-92 2
October 4, 2011