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CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br />RESOLUTION NO. 20-76 <br />RESOLUTION APPROVING <br />A CAPITAL IMPROVEMENT PLAN AND <br />GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF CAPITAL <br />IMPROVEMENT BONDS <br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City") as follows: <br />Section 1. Background. <br />1.01. The City is authorized under Minnesota Statutes, 475.521 (the "Act") to prepare a <br />capital improvement plan and carry out programs for financing certain capital improvements. The <br />City may issue general obligation bonds pursuant to the Act to finance the cost of capital <br />improvements described in the plan. <br />1.02. Before the approval of the Plan and issuance of any general obligation bonds under <br />the Act, the City is required to hold a public hearing on the plan and issuance of the bonds. <br />1.03. Pursuant to the Act, the City has caused to be prepared a five-year capital improvement <br />plan (the "Plan"), which describes certain capital improvements in the City for the years 2020 through <br />2025. <br />1.04. The City has determined that it is in its best interests to give preliminary approval to <br />the issuance and sale of capital improvement bonds pursuant to the Act (the `Bonds"), in one or more <br />series an aggregate amount not to exceed $17,500,000 (in addition to amounts issued to finance other <br />capital improvements under the Plan) to finance a portion of the capital improvements set forth in <br />the Plan including without limitation capital improvements related to the City's Public Safety Building <br />and the City's fire station #3. <br />1.05. On this date, the Council held a public hearing on the Plan and the issuance of the <br />Bonds, after publication in the City's official newspaper of a notice of public hearing at least 14 days <br />but no more than 28 days before the date of the public hearing. <br />Section 2. Plan Approved. <br />2.01. The Council finds that the Plan will provide for certain capital improvements which <br />serve the interests of the City as a whole. <br />2.02. The Plan is approved in the form on file in City Hall. <br />EL185-64-680623.v1 <br />