Res 2016-67 Approving Preliminary GO CIP Bonds Approval
RESOLUTION NO. 2016 - 67
RESOLUTION GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE OF THE
CITY’S GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN
AMOUNT NOT TO EXCEED $50,505,000 AND ADOPTING THE CITY OF FRIDLEY
MINNESOTA CAPITAL IMPROVEMENT PLAN FOR 2017 THROUGH 2021 UNDER
MINNESOTA STATUTES, SECTION 475.521
WHEREAS, the City Council of the City of Fridley, Minnesota (the “City”) proposes to adopt the
City of Fridley, Minnesota Capital Improvement Plan (the “Plan”) and to issue its general
obligation capital improvement plan bonds (the “Bonds”) described in the Plan; and
WHEREAS, the City has caused notice of the public hearing on the intention to issue the Bonds
and on the proposed adoption of the Plan to be published pursuant to and in accordance with
Minnesota Statutes, Section 475.521; and
WHEREAS, a public hearing on the intention to issue the Bonds and on the proposed Plan has
been held on this date, following published notice of the hearing as required by law; and
WHEREAS, in approving the Plan, the City Council considered for each project and for the
overall 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 governmental units; and
WHEREAS, the City Council has determined that the issuance of the Bonds is the best way to
finance the capital improvements described in the Plan as authorized under Minnesota Statutes,
Section 475.521.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Fridley, Minnesota,
as follows:
1.The Plan is hereby in all respects approved.
2. The staff and consultants of the City are hereby authorized to do all other things and
take all other actions as may be necessary or appropriate to carry out the Plan in
accordance with any applicable laws and regulations.
Resolution No. 2016-67 Page 2
2.The City gives preliminary approval to issuance of the Bonds in the maximum
principal amount of $50,505,000, 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 municipal general election, is filed with City Clerk
within 30 days of the closing of
, the City may issue the Bonds only after obtaining approval of a
the public hearing
majority of voters voting on the question at a municipal election.
4. The City declares its official intent to reimburse itself for the costs of the Plan
from the proceeds of the Bonds.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
14th DAY OF NOVEMBER, 2016.
______________________________
SCOTT J. LUND - MAYOR
ATTEST:
__________________________________
DEBRA A. SKOGEN – CITY CLERK