08-10113rRESOLUTION NO. 10113
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, Minnesota (the "City"), has caused to be
prepared the Capital Improvement Budget and Plan for years 2009 through 2012
(the "Capital Improvement Plan"); and
WHEREAS, on the date hereof, the City Council of the City (the "Council")
has conducted a duly noticed public hearing regarding adoption of the Capital
Improvement Plan pursuant to the requirements of the Act and the issuance of
general obligation bonds thereunder in a maximum principal amount of
$22,750,000; and
WHEREAS, in considering the Capital Improvement Plan, the. 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.000NCIL 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 the issuance of the bonds in the
maximum principal amount of $22,750,000 to be issued over a period of several
years, 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 July 24, 2008, 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 24t" day
of June, 2008.
r
Debbie Goettel, Mayor
ATTEST:
Nancy Gibb , ity Clerk