RES 21-32 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO.21-33 A RESOLUTION AWARDING THE SALE OF $4,805,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN AND EQUIPMENT BONDS, SERIES 2021A FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County, Minnesota (the "City") in regular meeting assembled as follows: Section 1. Back ound. 1.01 Pursuant to Minnesota Statutes, Chapter 475, including without limitation, section 475.521 (the "CIP Act"), the City is authorized to finance certain capital improvements under an approved capital improvement plan by the issuance of general obligation bonds of the City payable from ad valorem taxes. Capital improvements include acquisition or betterment of public lands, buildings or other improvements for the purpose of a city hall, library, public safety facility and public works facilities (excluding light rail transit or any activity related to it, or a park, road, bridge, administrative building other than a city hall, or land for any of those activities). 1.02 The City held a public hearing on November 2, 2020, regarding a five-year capital improvement plan for the years 2020 — 2025 (the "Plan") and regarding issuance of bonds in one or more series an aggregate principal amount not to exceed $17,500,000 to finance planned capital improvements, all in accordance with the CIP Act. The Plan authorizes issuance of bonds to pay the cost of certain capital improvements identified in the capital improvement plan including, without limitation, capital improvements related to the City's Public Safety Building and the City's fire station #3, (the "CIP Improvements"). 1.03 The City Council has determined that, within 30 days after the hearing, no petition for a referendum on the issuance of bonds to pay costs of the CIP Improvements was received by the City in accordance with the CIP Act. 1.04 As required by the Act, the City has determined that: (i) the expected useful life of the CIP Improvements will be at least 5 years; and (ii) the amount of principal and interest due in any year on all outstanding bonds issued by the City under the Act, including the Bonds (as defined below), will not exceed 0.16% of the estimated market value of property in the City for taxes payable in 2021. 1.05 The City is authorized by Minnesota Statutes, Section 412.301 (the "Equipment Act") to finance the acquisition of items of fire trucks and other capital equipment, (the "Equipment"), subject to certain limitations contained in the Equipment Act. 2 EL185-65-708496.v2