HomeMy WebLinkAboutResolution 2012-46 - Adopting Capital Improvement Plan and Issuance of BondsCiry of Corcoran
Counry of Hennepin
State of Minnesota
September 13, 2012
RESOLUTION NO. 2012-46
A RESOLUTION ADOPTING A CAPITAL IMPROVEMENT PLAN
AND PROVIDING PRELIMINARY APPROVAL FOR THE
ISSUANCE OF BONDS THEREUNDER
MOTION BY: Cossette
SECONDED BY: Milbrandt
WHEREAS, pursuant to Minnesota Stat�ites, Section 475.521 (the "Act"), cities are authorized to
adopt a capital improvement plan and carry out programs for tlle financing of capital improvements; and
WHEREAS, tlle City of Corcoran, Minnesota (the "City"), has previously prepared a Capital
Improvement Plan, and has now caused to be prepared a Capital Improvement Plan for the years 2012
tl�-ough 2016 (the "Plan"); and
WHEREAS, on the date hereof, the City Council of t11e City (tl�e "Council") has coi�ducted a duly
noticed public hearing regarding adoption of the Plan pursuant to the requirements of the Act and the
issuance of general obligation bonds thereunder in a maximum principal amount of $4,000,000; and
WHEREAS, in considering the Plan, the Council has considered:
1. the coi�dition of the City's existing infrastruct��re, including the projected need
for repair and replacement;
2. the likely demand for the improvement;
3. the estimated cost of the i�nprovement;
4. the available p��blic 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 faci(ities with
other local governinent units.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORCORAN, MINNESOTA:
The 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 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 $4,000,000, 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 genera( election, is filed with City Clerk by October 13, 2012,
the City may issue the bonds on(y after obtaining approval of a majority of voters voting on the question at an
election.
410455v1 MNI CR100-14
Ciry of Corcoran
Counh� of Hennepin
State of Mirrnesota
VOTING AYE
� Guenthner, Ken
� Asleson, Rich
� Cossette, Tom
� Gmach, George
� Milbrandt, Rosalyn
RESOLUTION NO. 2012-46
VOTING NAY
❑ Guenthner, Ken
❑ Asleson, Rich
❑ Cossette, Tom
❑ Gmach, George
❑ Milbrandt, Rosalyn
September 13, 2012
Whereupon, said Resolution is hereby declared adopted on this 13th day of
September 2012.
ATTEST:
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eanie Heinecke — City Clerk
41045�v1 MN] CR100-14
Kenneth Guenthner - Mayor
City Sea/