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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 7.3 <br />Agenda Section Meeting Date Prepared by <br />Public Hearing November 2, 2020 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Capital Improvement Plan and Issuance of Cal Portner, City Administrator <br />Capital Improvement Bonds, and Authorize the <br />Reviewed by <br />Issuance of General Obligation Bonds <br /> <br /> <br />Action Requested <br />1) Open the public hearing to consider the approval of a Capital Improvement Plan and giving preliminary <br />approval to the issuance of capital improvement bonds in one or more series an aggregate amount not to <br />exceed $17,500,000. <br />2) Close the public hearing. <br />3) Adopt, by motion, the following resolutions: <br /> Resolution Approving a Capital Improvement Plan and Giving Preliminary Approval to the <br />Issuance of Capital Improvement Bonds <br /> Resolution Providing for the Sale of $9,895,000 General Obligation Capital Improvement Plan <br />Bonds, Series 2020A <br /> Resolution Providing for the Sale of $5,970,000 General Obligation Capital Improvement Plan <br />Refunding Bonds, Series 2020B <br /> Resolution Providing for the Sales of $7,295,000 Taxable General Obligation Sewer Revenue <br />Refunding Bonds, Series 2020C <br /> <br />Background/Discussion <br />Capital improvement bonds may be issued by a municipality to finance capital improvements for the acquisition or <br />betterment of public lands, buildings, or other improvements for the purpose of a city hall, library, public safety <br />facility, and public works facility. A capital improvement plan identifying these expenditures is to be approved on or <br />before the public hearing regarding issuance of bonds for such expenditures. <br /> <br />The plan must cover at least a five-year period beginning with the date of its adoption and set forth the estimated <br />schedule, timing, and details of specific capital improvements by year, together with the estimated costs, the need <br />for the improvement, and sources of revenue to pay for the improvement. In preparing the capital improvement <br />plan, the City Council must consider for each project and for the overall plan: <br /> <br />1) Condition of the city’s existing infrastructure, including the projected need for repair or replacement. <br />2) Likely demand for the improvement. <br />3) Estimated cost of the improvement. <br />4) Available public resources. <br />5) Level of overlapping debt in the city. <br />6) Relative benefits and costs of alternative uses of funds. <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br /> <br />