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RESOLUTION NO. 11- 77 <br />RESOLUTION OF THE CITY OF ELK RIVER <br />RESOLUTION CALLING A PUBLIC HEARING ON A <br />CAPITAL IMPROVEMENT PLAN AND ISSUANCE OF BONDS <br />BE IT RESOLVED By the Ciry Council of the City of Elk River, Sherburne County, <br />Minnesota (the "City") as follows: <br />Section 1. Background. <br />1.01. The city is authorized by Minnesota Statutes, Section 475.521 (the "CIP Act") to <br />finance certain capital improvements under an approved Capital Improvement Plan (the "CIP <br />Plan") and to issue general obligation bonds to finance capital improvements set forth in the CIP <br />Plan (the "CIP Bonds"). <br />1.05 Pursuant to the CIP Act, before adopting a CIP Plan or issuing bonds under a CIP <br />Plan, the City Council is required to hold a public hearing regarding the CIP Plan and issuance of <br />the CIP Bonds. <br />1.06. Under the proposed CIP Plan, the city will issue CIP Bonds to finance the <br />construction of an addition to its public works facility as forth in the CIP Plan in the maximum <br />principal amount of $7,300,000. <br />Section 2. Hearings Scheduled. <br />2.01. The City Council will hold a public hearing regarding the approval of the CIP Plan <br />and issuance of the CIP Bonds on Tuesday, January 17, 2012, at approximately 6:30 p.m. at City <br />Hall. The City Clerk is authorized and dtrected to publish a notice substantially the form attached as <br />EXHIBIT A, to be published in the official newspaper of the city at least 14 days but no more than <br />28 days before the date of the hearing. <br />2.02. City staff and consultants are authorized to take all other actions needed to bring the <br />CIP Plan and the issuance of the CIP Bonds before the City Council. <br />395243v2 JSB EI,185-IS <br />