HomeMy WebLinkAboutResolution No. 2010-024 Resolution Authorizing Issuance of Bonds•
RESOLUTION 2010-24
RESOLUTION GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE
OF GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN
IN AN AMOUNT NOT TO EXCEED $9,500,000 AND ADOPTING THE CITY OF EDINA,
MINNESOTA, CAPITAL IMPROVEMENT PLAN
FOR 2010 THROUGH 2014
UNDER MINNESOTA STATUTES, SECTION 475.521
City of Edina
A. WHEREAS, the City Council of the City of Edina, Minnesota (the "City") proposes to
adopt the City of Edina, Minnesota, Capital Improvement Plan (the "Plan") and to issue its general
obligation capital improvement plan bonds (the "Bonds") described in the Plan; and
B. 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
C. 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 public hearing as required by law;
and
D. 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
E. WHEREAS, the City Council has determined that the issuance of the Bonds will result
in overall lower tax levies for the City and 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 Edina, Minnesota, as
follows:
1. The amended 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.
3. The City gives preliminary approval to issuance of the Bonds in the maximum principal
amount of $9,500,000, 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 City in the last general election, is filed with City Clerk
by March 18, 2010, the City may issue the Bonds only after obtaini approval of a majority of voters
voting on the question at an election.
2010.Whereupon said resolution was declared duly passed and ado I�d��ated this 16th day of February,
is Attest:
Debra A. Mangen, City -Clerk James B. Hovland, Mayor
City Hall 952-927-8861
4801 WEST 50TH STREET FAX 952-826-0390
EDINA, MINNESOTA, 55424-1394 www.cityofedina.com TTY 952-826-0379
Res. No. 2010-24
Page Two
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STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the
attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting
of February 16, 2010 and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of , 20
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