HomeMy Public PortalAbout2012-22 Resolution Adopting Capital Improvement PlanMember Weir introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2012-22
ADOPTING A CAPITAL IMPROVEMENT PLAN AND
PROVIDING PRELIMINARY APPROVAL FOR THE
RECHARACTERIZATION OF UNSPENT PROCEEDS OF
CERTAIN GENERAL OBLIGATION BONDS OF THE CITY
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 "2012-2016
Five -Year Capital Improvement Plan for the City of Medina" (the "Capital Improvement Plan"); and
WHEREAS, on December 20, 2007, the City issued its General Obligation Water Revenue Bonds,
Series 2007A (the "Series 2007A Bonds"), in the original aggregate principal amount of $4,395,000, in part
to finance a water tower; however, following the issuance of the Series 2007A Bonds, the water tower project
was postponed indefinitely due to a slow down in development within the City; and
WHEREAS, pursuant to Minn. Stat. Section 475.65, when a project financed with bonds is
postponed indefmitely, the unexpended bond proceeds may be devoted to any other public use authorized by
law, and approved by resolution adopted or vote taken in the manner required to authorize bonds for such
new use and purpose; and
WHEREAS, pursuant to Minn. Stat. Section 475.521, in order to issue general obligation capital
improvement bonds, the City must hold a public hearing regarding adoption of a five-year capital
improvement plan and the issuance of bonds thereunder; and
WHEREAS, it is the intent of the City Council to recharacterize unspent Series 2007A Bonds
proceeds in an amount of up to $1,800,000 as general obligation capital improvement bonds; 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 recharacterization of unspent proceeds of the Series 2007A Bonds in the maximum amount of
$1,800,000 as general obligation capital improvement plan bonds to be used to finance the acquisition and
construction of capital improvements for the public works facility, the City Hall, and the police facility; 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;
Resolution No. 2012-22
March 20, 2012
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.
3. The City gives preliminary approval to the recharacterization of the unspent proceeds of the
Bonds in the maximum principal amount of $1,800,000 as general obligation capital improvement bonds of
the City; provided, however, 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
April 19, 2012, the City may recharacterize the unspent proceeds of the Bonds only after obtaining approval
of a majority of voters voting on the question at an election.
Dated: March 20, 2012.
T.M. Crosby, Jr., Mayo
Attest:
Scott T. Johnson, ity Administrator - Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member Pederson
and upon vote being taken thereon, the following voted in favor thereof:
Crosby, Martinson, Pederson, Siitari, Weir
And the following voted against same:
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2012-22 2
March 20, 2012