HomeMy WebLinkAboutResolution 2012-41 - Public Hearing for CIP Bond PlanCity of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO, 2012 -41
Motion By: Gmach
Seconded By: Milbrandt
RESOLUTION CALLING PUBLIC HEARING ON ADOPTION OF
CAPITAL IMPROVEMENT PLAN AND ISSUANCE OF BONDS
August 9, 2012
BE IT RESOLVED By the City Council of the City of Corcoran, Hennepin. County,
Minnesota (the "City ") as follows:
Section 1, Background.
1.01. The City is authorized by Minnesota Statutes, section 475.521 (the "Act ")
to finance certain capital improvements under an approved five -year capital
improvement plan (the "Plan ") by the issuance of general obligation bonds of the City
payable from ad valorem taxes. Capital improvements include acquisition or betterment
of public lands, buildings or other improvements for the purpose of a city hall, town hall,
library, public safety facility and public works facility (excluding light rail transit or any
activity related to it, or a park, road, bridge, administrative building other than a city or
town hall, or land for any of those facilities).
1.02. Pursuant to the Act, before issuance of bonds under the Plan, the City
Council is required to hold a public hearing on the Plan and the issuance of such bonds.
1.03. Under the Plan as proposed, the City will issue general obligation bonds to
finance the construction and equipping of a public works facility, in the maximum
principal amount of $ 2,750,000.00 (the "Bonds ").
Section 2. Hearing Scheduled,
2.01. The City Council will hold a public hearing regarding the approval of the
Plan and issuance of the Bonds on Thursday, September 13, 2012, at 7:00 p.m. at City
Hall, The City Clerk /Treasurer is authorized and directed to publish a notice
substantially the form attached as Exhibit A in the official newspaper of the City at least
14 days but no more than 28 days before the date of the hearing.
2.02. City staff and consultants are authorized to take all other actions needed
to bring the Plan and issuance of the Bonds before the City Council.
VOTING AYE
Guenthner, Ken
® Asleson, Rich
Page 1 of 2
VOTING NAY
❑ Guenthner, Ken
❑ Asleson, Rich
City of Corcoran August 9, 2012
County of�Hennepin
State gfMinnesota
RESOLUTION NO. 2012 -41
® Cossette, Tom ❑ Cossette, Tom
® Gmach, George ❑ Gmach, George
Z Milbrandt, Rosalyn ❑ Milbrandt, Rosalyn
Whereupon, said Resolution is hereby declared adopted on this 9th day of
August, 2012.
Kenneth Guenthner - Mayor
TTEST'
J
Jeanie Heinecke — City Clerk
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City Seal