HomeMy Public PortalAbout2012-70 Resolution Authorizing Recharacterization of Unspent Proceeds of City's General OblMember Martinson introduced the following resolution and moved its adoption:
CITY OF MEDINA, MINNESOTA
RESOLUTION NO.2012-70
RESOLUTION AUTHORIZING THE RECHARACTERIZATION
OF UNSPENT PROCEEDS OF THE CITY'S GENERAL
OBLIGATION WATER REVENUE BONDS, SERIES 2007A
BE IT RESOLVED By the City Council of the City of Medina, Minnesota (the "City"), as
follows:
1. On December 21, 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.
2. Pursuant to Minnesota Statutes, 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.
3. On March 20, 2012, following a duly noticed public hearing, the City Council adopted a
resolution (i) approving the 2012-2016 Five -Year Capital Improvement Plan for the City of Medina (the
"Plan"), pursuant to Minnesota Statutes, Section 475.521, as amended; and (ii) providing preliminary
approval to the recharacterization of up to $1,800,000 in unexpended proceeds of the Series 2007A Bonds
as general obligation capital improvement plan bonds to finance a portion of the costs of the construction
of a new public works and police facility in the City (the "Project").
4. No petition requesting a vote on the recharacterization of the unspent proceeds of the
Series 2007A Bonds, signed by voters equal to five percent of the votes cast in the last general election,
was received within thirty days of March 20, 2012.
5. The City hereby approves the recharacterization of the unspent proceeds of the
Series 2007A Bonds, in the principal amount of $1,400,000, as general obligation capital improvement
plan bonds of the City, the proceeds of which will be used to help finance the construction of the Project.
Dated: October 2, 2012.
T.M. Crosby,Jr.,ayor
ATTEST:
Scott T. Johnson, City Administrator -Clerk
Resolution No. 2012-70
October 2, 2012
The motion for the adoption of the foregoing resolution was duly seconded by member Weir 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. 2012-70 2
October 2, 2012