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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA <br />HELD: December 21, 2009 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City <br />of Elk River, Minnesota, was duly called and held at the City Hall in Elk River, Minnesota on <br />December 21, 2009, at 6:30 p.m. for the purpose, in part, of giving preliminary approval to the <br />issuance of general obligation capital improvement plan bonds and adopting the capital <br />improvement plan. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION 09- <br />GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE OF GENERAL <br />OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN AMOUNT NOT TO <br />EXCEED $8,000,000 AND ADOPTING THE CITY OF ELK RIVER, MINNESOTA, <br />CAPITAL IMPROVEMENT PLAN FOR 2010 THROUGH 2014 <br />UNDER MINNESOTA STATUTES, SECTION 475.521 <br />A. WHEREAS, the City Council of the City of Elk River, Minnesota (the "City") <br />proposes to adopt the City of Elk River, Minnesota, Capital Improvement Plan (the "Plan") and to <br />issue its general obligation capital improvement plan bonds (the "Bonds") described in the Plan; and <br />B. WHEREAS, the City has caused notice of the public hearing on the intention to issue <br />the Bonds and on the proposed adoption of the Plan to be published pursuant to and in accordance <br />with Minnesota Statutes, Section 475.521; and <br />C. WHEREAS, a public hearing on the intention to issue the Bonds and on the proposed <br />Plan has been held on this date, following published notice of the public hearing as required by law; <br />and <br />D. WHEREAS, in approving the Plan, the City Council considered for each project and <br />for the overall Plan: <br />1. The condition of the City's existing infrastructure, including the projected <br />need for repair and replacement; <br />2. The likely demand for the improvement; <br />3. The estimated cost of the improvement; <br />4. The available public resources; <br />5. The level of overlapping debt in the City; <br />6. The relative benefits and costs of alternative uses of the funds; <br />7. Operating costs of the proposed improvements; and <br />8. Alternatives for providing services more efficiently through shared facilities <br />with other local governmental units; and <br />