06-9857r
RESOLUTION NO. 9857
ADOPTING A CAPITAL IMPROVEMENT PLAN AND PROVIDING
PRELIMINARY APPROVAL FOR THE ISSUANCE OF BONDS THEREUNDER
WHEREAS, pursuant to Minnesota Statutes, Section 475.521 (the "Act"), cities are
authorized to adopt a capital improvement plan and carry out programs for the financing of
capital improvements; and
WHEREAS, the City of Richfield (the "City") has caused to be prepared the Capital
Improvement Budget and Plan for years 2007 through 2011 (the "Capital Improvement
Plan"); and
WHEREAS, on the date hereof, the City Council of the City of Richfield has conducted
a duly noticed public hearing regarding adoption of the Capital Improvement Plan pursuant to
the requirements of the Act; and
WHEREAS, in considering the Capital Improvement Plan, the City Council has
considered for each project and for the overall Capital Improvement Plan:
1. The condition of the City's existing infrastructure, including the
projected need for repair and replacement;
2. The likely demand for the improvement;
3. The estimated cost of the improvement;
4. The available public resources;
5. The level of overlapping debt in the City;
6. The relative benefits and costs of alternative uses of the funds;
7. Operating costs of the proposed improvements; and
8. Alternatives for providing services more efficiently through shared
facilities with other local government units.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCil OF THE CITY OF
RICHFIELD, MINNESOTA:
1. The Capital Improvement Plan is hereby approved.
2. City staff are hereby authorized to do all other things and take all other actions
as may be necessary or appropriate to carry out the Capital Improvement Plan in accordance
with any applicable laws and regulations.
3. The City gives preliminary approval to issuance of the bonds in the maximum
principal amount of $4,800,000, provided that if a petition requesting a vote on issuance of
the bonds, signed by voters equal to five percent of the votes cast in the last general election,
is filed with City Clerk by January 11, 2007, the City may issue the bonds only after obtaining
approval of a majority of voters voting on the question at an election.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of December,
2006. . l( ( ()
?l7iJ;i-?j ~
Martin J. Kirsch, Mayor
ATTEST:
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Nancy Gibb City Clerk